TL; DR
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Whales own such a large portion of a cryptocurrency that if they decide to buy or sell enough at once, they can cause price movements.
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And right now, it looks like they’re playing with Bitcoin – pushing up the price in the hopes that it will trigger a widespread buying frenzy and push BTC to $40,000.
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Serious question:
Did a 12 year old come up with crypto terminology???
Who decided on ‘gas costs’ or ‘mooning’.
Better yet, here’s a new one for you:
Whale games.
YEP. Whale games.
Here’s what it means and why it’s in the news right now.
Whales are traders who have invested a lot of money in one asset.
(To be fair, the name actually makes some sense).
But recently the crypto trading world has been warned about whale games.
See, whales own such a large portion of a cryptocurrency that if they decide to buy or sell enough at once, they can cause price movements.
Or to put it another way: they own so much crypto that they can play games with the market.
And right now, it looks like they’re playing with Bitcoin – pushing up the price in the hopes that it will trigger a widespread buying frenzy and push BTC to $40,000.
(Hurrah!)
At that point the whales will sell and dump the price.
(Boooooo!)
We take back what we said at the top: ‘Whale Games’ is a very fitting description.
