Cryptocurrency markets are notorious for their volatility, and the past few days have been no exception. As altcoins experience a massive sell-off, the “whales” may be to blame. Crypto whales are big players in the cryptocurrency industry who hold a large amount of coins, and their decisions can have a major impact on the market.
The Altcoins Impacted by Whales
Ran Neuner, the host of the popular YouTube channel “Crypto Banter”, suggested that whales are causing the sell-off, which is adding to the supply pressure in the market. He believes that some altcoins have suffered more than others, particularly those associated with the cryptocurrency brokerage firm Voyager, which owes creditors $500 million.
The graph showing Voyager’s Ether balance has seen a significant decrease in the past few days. They have reportedly been sending seven to eight figures of crypto to Winter Moon and Coinbase on a daily basis. Neuner shared a screenshot from Voyager’s main portfolio, which includes assets like Decentraland (MANA), Phantom (XRP), Apecoin (APE), and Uniswap (UNI).
Neuner noted that the sell-off is putting a lot of pressure on these other altcoins. He warned that the top-end tokens like Shiba Inu (SHIB) and Chainlink (LINK) are the worst hit, with most of the sell volume happening there. But the pressure is being felt by other altcoins as well.
The Voyager Sell-Off
Voyager has been selling off its crypto assets in order to pay its creditors. This has had a big impact on the altcoin market, as these coins have been more heavily hit than others. Neuner commented that Voyager’s related alts, such as Ether, SHIB, and LINK, have been significantly dropping.
The Impact on the Market
The effect of the sell-off is more prominent on altcoins that do not have as much volume or buyers, or are not as popular. Neuner said that when the market was in a better place, the sell pressure had less of an effect. But with the current low sentiment, buyers are not as eager to purchase, meaning that Voyager still needs to offload its assets to pay its creditors.
Neuner advised investors to be mindful of the situation, particularly when it comes to top-end tokens like Shiba and Link. Other alts may also be affected, but the Voyager sell-off is causing additional strain on the already uncertain market. Investors should stay alert and monitor the market to make informed decisions.