With the token unlock now in full swing, we have seen the Illuvium coin price decouple from Ethereum for the first time in recent memory. As I write this article ILV is down 5% today, while ETH is down just 1%. Yesterday was a similar story. ILV was down 3% while ETH was up close to 1%. Unsurprisingly, the most glaring difference was on the first day of unlock with ILV down 15% while ETH was down just 1%. In total, this gives us a drawdown of 23% for ILV against ETH and currently 1 ILV can be swapped for .104 ETH, an all time low. This was to be expected as supply enters into the market faster than demand. For the Illuvium diehards, this is a major opportunity.
Hitting the lows
We are hitting levels with ILV that haven’t been seen since it’s early days. The Illuvium coin is currently trading at $109. This is well below it’s all time high near $2000 and steeper than many other bear market drawdowns in the crypto space. However, the saving grace for ILV is the Illuvium team and this project as a whole. The majority of tokens are purely speculative and rely on hype. The Illuvium coin is different. It will go as the game goes. Revenue distribution is a key aspect of ILV. There is a lot to be excited about.
What side do you fall on?
So yes, ILV is down tremendously bad. It’s a massive opportunity for the believers and a major sore point for those who have lost faith. Let’s zoom out and ask the question of why we bought in the first place. If your stance on the project hasn’t changed and your conviction hasn’t waivered then there’s no need to panic. If you’ve invested responsibly with money you have no immediate need for then you’re in good shape. Take a breath, stop checking price and enjoy the ride. This downturn is temporary, Illuvium as whole has massive upside potential and staying power.
As always, thank you for reading my article! Follow me on Twitter (@Rhamphy) to keep up with the latest Illuvium news, leaks and more.
Everything I write is purely my opinion and should not be taken as financial advice.