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Crypto Whale And Wash Trading Explained
Posted
April 4, 2022
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April 4, 2022
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1:19Now PlayingWhat exactly are crypto whales and why do other crypto investors need to be concerned about them? Check out the video to learn more.
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A crypto whale is a wallet address that owns more than a million dollars in cryptocurrency, and whales receive their name from the fact that their movements on the crypto market can make a big splash. If a whale sells a big chunk of their assets, the value of a cryptocurrency can fall.
Crypto whales, on the other hand, can engage in a behavior known as wash trading. Wash trading is when someone moves coins back and forth between two different wallets, and there is presently no mechanism to halt this due to the market's lack of regulation and the anonymity of decentralized crypto wallets.
This gives the impression that there is a lot of market activity, which can artificially boost a coin's value, at least momentarily. Whales can then cash out at a higher price, but as the market settles, the price plummets, causing other investors to lose money.
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