Metaverse? Anyone? That was 2020-2021. It was so trendy that Facebook had to rebrand to Meta. Everyone believed the tech would revolutionize crypto gaming by 2025, a scene where Illuvium was a top dog.
Roughly four years later, and there is nothing to show. Crypto games have been devastated, and only those who continue now, even with some of the best cryptos to buy, at all-time highs, are burning cash quickly.
It is the sorry state in which Illuvium finds itself. Falling Bitcoin, Ethereum, and Solana crypto prices have not helped either. ILV crypto is now down 99.6% from all-time highs of $1,911 printed in late 2021. In the last year alone,
Illuvium
1.49%
has tanked by nearly 80%.
(Source: Coingecko)
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Illuvium Crypto: Why Is it Dumping So Fast?
Crypto is a special sub-sector in that hype plays a role. A few years back, some NFTs sold for millions. Then 2022 happened, and they are now worth cents.
Due to the prolonged crypto winter, some projects had to fold.
Others, including Illuvium, had to contend with near-zero active users.
(Source: DappRadar)
Latest on-chain data shared on X revealed that Illuvium is likely in trouble, and a liquidity crisis could be imminent.
The Illivium Treasury currently sits at $4.9M in stables. In October 2025, $200,000 was moved from the Treasury.
So @illuviumio doesn’t look great at all. Here’s why:
Looking at the treasury address of $ILV gives deep insight into the liveliness of this project.TLDR:
Low runway, high burn rate, and selling $ILV to cover expenses 💀 pic.twitter.com/HhGHKjLYk0— Cryptocondom Intern | Dubai Arc 🇦🇪 (@intern_cc) November 13, 2025
From September, Illuvium has been selling ILV from its Treasury to cover expenses. In the last week alone, over $6,000 of ILV were sold. The problem is, the amount of ILV sold has been increasing.
They sold $830 worth of ILV crypto two months ago before dumping another $2,790 two weeks ago.
There have been other changes as well. From mid-2025, outflows from the Treasury have not only been USDC but also paired with ILV crypto.
And what’s more? The co-founder of Illuvium, Kieran Warwick, has been dumping ILV since April 2025.
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The Positive News: Illuvium Building
It remains to be seen whether this trend will change. Ideally, should the team stop selling ILV crypto, the token could stabilize and recover.
Part of this recovery will be driven by the growth and the team shipping out more gains.
If we lived in a world where we didn’t owe investors a look behind the curtain, sure, we could build in silence and say “just wait and see.”
But we don’t.
No game in this space does.
Demand gameplay.
Demand fucking gameplay. pic.twitter.com/6I4HZ0Gljg
— Kieran.eth (@KieranWarwick) November 12, 2025
As a platform building play-to-earn games on ImmutableX, an Ethereum layer-2, there are benefits, such as near-zero fees, that might attract users.
Within the next six months, the community will likely begin testing the MMO Playtest features.
There’s a lot to be excited about when it comes to @illuviumio over the next 6+ months.
Kieran just stated that the MMO Playtest features are now complete, this means we are likely to begin community testing before 2026.
Not only that but the Arena will soon have faster… pic.twitter.com/7j2nA4M7gK
— Scoriox 🌿🔥 (@kingscoriox) November 12, 2025
Additionally, the Illuvium Arena is also expected to have faster matches. On the Arena, users can enable modes like tournaments, battle pass, and more.
Also, ILV staking v3 could go live in the next few weeks, giving holders an incentive to HODL.
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Will The Illuvium ILV Crypto Devastation Continue?
-
Crypto winter destroyed NFTs, the metaverse, and games -
Illuvium is building on ImmutableX -
ILV crypto dumping by the team continues -
Team shipping out new products, staking v3 expected to go live in the coming weeks
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