Crypto Market Crash: Altcoins Plunge as Crypto Whales Offload Holdings
The cryptocurrency market is known for its volatility, and the past few days have been no exception. Some altcoins have been experiencing a massive sell-off, and the reason behind it may be the whales offloading 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, the 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 off 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 figures of crypto to Winter Moon and Coinbase daily. Neuner shared a screenshot of Voyager’s main portfolio, which includes assets like Decentraland (MANA), Phantom (XRP), Apecoin (APE), and Uniswap (UNI).
Neuner stated that the sell-off is putting additional pressure on a lot of these other alts. He warned that it’s much worse for top-end tokens like Shiba Inu (SHIB) and Chainlink (LINK), which are where the majority of the sell volume is happening. However, it’s still putting pressure on many other altcoins.
The Voyager Sell-Off
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 getting hit a lot more than other alts. Neuner noted that Voyager-related altcoins are significantly dropping, including Ether, SHIB, and LINK.
The Impact on the Market
The impact of the sell-off 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 the sell pressure did not matter when there was enough demand in the market. But with sentiment being so low and buyers not wanting 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 are getting hit the most, but other alts are also being affected. The Voyager sell-off is putting additional pressure on the already uncertain market. Investors need to be cautious and keep a close eye on the market to make informed decisions.