Crypto market crash: Altcoins plunge as crypto whales unload holdings
The cryptocurrency market is known for its volatility, and the past few days have been no exception. Some altcoins have experienced a massive selloff, and the reason behind that could be the whales unloading their holdings. Crypto whales are individuals or entities that hold a large amount of cryptocurrency, and their actions can have a significant impact on the market.
The Altcoins dumped by the whales
According to Ran Neuner, host of the popular YouTube channel “Crypto Banter,” altcoins are currently being dumped by the whales, adding additional supply pressure to the market. He believes that this is the reason why certain altcoins have sold out more than others. Neuner pointed out that the worst-performing tokens right now belong to Voyager, a crypto brokerage firm that owes its creditors $500 million.
The graph indicating Voyager’s Ether balance shows a sharp decline in the last couple of days. They have been sending 7 to 8 crypto figures to Winter Moon and Coinbase daily. Neuner shared a screenshot of Voyager’s main portfolio, which includes assets such as Decentraland (MANA), Phantom (XRP), Apecoin (APE), and Uniswap (UNI).
Neuner stated that the sale puts further pressure on many of these other altos. He warned that it is much worse for top-end tokens like Shiba Inu (SHIB) and Chainlink (LINK), which is where the majority of sales volume happens. However, it still puts pressure on many other altcoins.
Voyager sale
Voyager has been aggressively selling off its crypto holdings to pay off its creditors. This has put a lot of pressure on the altcoin market, as these assets are hit much more than other alts. Neuner noted that Voyager-related altcoins are dropping significantly, including Ether, SHIB and LINK.
The impact on the market
The impact of the sale is felt more by altcoins that do not have as much volume, do not have as many buyers and are not as popular. Neuner stated that sales pressure did not matter when there was enough demand in the market. But with sentiment so low and buyers unwilling to buy as aggressively, Voyager still needs to sell its assets to pay off its creditors.
Neuner advised investors to be cautious, especially with top-end tokens like Shiba and Link. These tokens get hit the most, but other alters are also affected. The Voyager sale puts further pressure on the already uncertain market. Investors need to be cautious and keep a close eye on the market to make informed decisions.
