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A “whale” refers to an investor or trader who holds a large amount of cryptocurrency, usually Bitcoin or Ethereum, and has the ability to influence market prices with their trading activities. Whales are often wealthy individuals, institutional investors, or large cryptocurrency mining operations.

Because of their large holdings, whales have the ability to manipulate prices by buying or selling large amounts of cryptocurrency. For example, if a whale were to sell a significant amount of Bitcoin, it could trigger a price drop as other traders follow suit and sell their holdings.