What is Whale in cryptocurrency?
In cryptocurrency, Whale is a name given to investors who hold large amounts of cryptocurrencies in the market and can influence price movements. Whale means whale in English and symbolizes the power and influence of whales in the cryptocurrency market.
Why are Whales important in cryptocurrency?
In cryptocurrency, Whales can manipulate supply and demand by making high-volume transactions in the market. For example, a Whale can create selling pressure by transferring cryptocurrencies to the stock market, or it can create buying pressure by withdrawing cryptocurrencies from the stock market. In this way, they can turn the market prices in the direction they want or make a profit.
How to track Whales in cryptocurrency?
There are various tools and platforms to track the movements of Whales in cryptocurrency. One of them is the Twitter account Whale Alert. Whale Alert instantly shares large-scale cryptocurrency transfers using blockchain technology. This way, investors can see what the whales are doing and how they affect the market.
Apart from Whale Alert, it is possible to monitor whale movements through different channels such as Telegram, website and mobile application. In addition, order books of cryptocurrency exchanges are a resource that shows the trading volumes and orders of whales.
How much cryptocurrency does it take to become a Whale in cryptocurrency?
It has not been definitively determined how much cryptocurrency is required to become a Whale in cryptocurrency. However, according to a generally accepted classification, to give an example over Bitcoin;
- Those holding 5000 or more BTC are defined as humpback whales.
- Asset holders between 1000-5000 BTC are defined as whales.
- Asset holders between 500-1000 BTC are defined as sharks.
- Asset holders between 100-500 BTC are defined as dolphins.
- Asset holders between 50-100 BTC are defined as fish.
- Asset holders between 10-50 BTC are defined as octopus.
- Asset holders between 1-10 BTC are defined as crab.
- Asset holders of less than 1 BTC are defined as shrimp.
As a result, in cryptocurrencies, Whale are big investors who can drive and influence the market. Tracking whale movements is an important strategy for understanding market trends and reducing risks.