Introduction

介紹

The world of cryptocurrencies is a volatile and unpredictable one, where fortunes are made and lost in the blink of an eye. In this high-stakes game, one of the most intriguing and often controversial players is the “whale.” These are individuals or entities who hold significant amounts of a particular cryptocurrency, and their actions can have a profound impact on the market. One tactic that whales employ is playing a game of sentiments with short investors, putting them in a state of FOMO (Fear of Missing Out). In this article, we will delve into how these crypto whales manipulate emotions and provide real-world examples to illustrate their tactics.

加密貨幣的世界是一個不穩定且不可預測的世界，財富的產生和損失都在眨眼之間。在這場高風險的遊戲中，最有趣、最具爭議的玩家之一就是「鯨魚」。這些個人或實體持有大量特定加密貨幣，他們的行為可能對市場產生深遠影響。鯨魚採用的策略之一是與空頭投資者玩情緒遊戲，讓他們陷入 FOMO（害怕錯過）狀態。在本文中，我們將深入研究這些加密鯨魚如何操縱情緒，並提供現實世界的例子來說明他們的策略。

Understanding Crypto Whales

了解加密鯨魚

Before we dive into the game of sentiments, it’s crucial to understand what a cryptocurrency whale is. Whales are typically large holders of a cryptocurrency, often with wallets containing millions or even billions of dollars worth of digital assets. Their sheer size and influence allow them to sway the market in their favor, whether through massive trades, strategic announcements, or subtle manipulations of sentiment.

在我們深入探討情緒遊戲之前，了​​解什麼是加密貨幣鯨魚至關重要。鯨魚通常是加密貨幣的大持有者，他們的錢包通常包含價值數百萬甚至數十億美元的數位資產。他們的龐大規模和影響力使他們能夠影響市場，使其對自己有利，無論是透過大規模交易、策略公告還是微妙的情緒操縱。

Crypto Whales: Pump and Dump Schemes

加密鯨魚：拉高和拋售計劃

One common tactic employed by crypto whales is the “pump and dump” scheme. In this scenario, whales accumulate a significant amount of a low-cap or less well-known cryptocurrency. They then use various tactics to create a buzz around the coin, often through social media, forums, and influential endorsements. This newfound excitement draws in short-term investors who fear missing out on the next big thing.

加密鯨魚採用的常見策略是「拉高和拋售」計畫。在這種情況下，鯨魚累積了大量低市值或較不知名的加密貨幣。然後，他們通常透過社交媒體、論壇和有影響力的認可，使用各種策略圍繞代幣製造熱議。這種新發現的興奮吸引了擔心錯過下一件大事的短期投資者。

Once these investors flood into the market, driving up the price of the cryptocurrency, the whales sell off their holdings at a profit. This sudden dump in value leaves short investors holding the bag, with their investments now worth significantly less than what they paid. The whales have successfully played on the emotions of greed and FOMO to profit at the expense of others.

一旦這些投資者湧入市場，推高加密貨幣的價格，鯨魚就會出售其持有的資產以獲取利潤。價值的突然下跌讓空頭投資者承擔了責任，他們的投資現在的價值遠低於他們所支付的價格。鯨魚成功地利用了貪婪和 FOMO 情緒，以犧牲他人利益為代價來獲利。

Example: Dogecoin

例：狗狗幣

One of the most famous examples of a pump and dump scheme was the meteoric rise of Dogecoin in early 2021. High-profile endorsements, tweets from influential figures like Elon Musk, and widespread media coverage drove a massive influx of investors. However, as the hype reached its peak, whales began selling off their Dogecoin holdings, causing the price to plummet, leaving many investors with substantial losses.

拉高拋售計畫最著名的例子之一是狗狗幣在2021 年初的迅速崛起。高調的背書、埃隆馬斯克等有影響力人物的推文以及廣泛的媒體報道推動了大量投資者湧入。然而，隨著炒作達到頂峰，鯨魚開始拋售所持有的狗狗幣，導致價格暴跌，使許多投資者遭受重大損失。

Crypto Whales and Social Media

加密鯨魚和社群媒體

Social media platforms like Twitter and Reddit play a crucial role in the cryptocurrency market, providing a platform for investors to discuss their favorite coins and share information. Whales exploit this by posting bullish sentiments, fake news, or misleading information to manipulate sentiment.

Twitter 和 Reddit 等社群媒體平台在加密貨幣市場中發揮著至關重要的作用，為投資者提供了一個討論他們最喜歡的硬幣和分享資訊的平台。鯨魚利用這一點，透過發布看漲情緒、虛假新聞或誤導性資訊來操縱情緒。

By creating a narrative of impending price spikes or groundbreaking developments, whales can stir up FOMO among short investors. These investors then buy into the cryptocurrency, hoping to capitalize on the anticipated gains. However, once the price reaches a certain point, the whales sell off, causing the price to drop and leaving others holding depreciating assets.

透過創造即將到來的價格飆升或突破性發展的故事，鯨魚可以激起空頭投資者的「錯失恐懼症」。然後，這些投資者購買加密貨幣，希望能夠利用預期收益。然而，一旦價格達到某一點，鯨魚就會拋售，導致價格下跌，讓其他人持有貶值的資產。

Example: XRP

例：瑞波幣

In late 2020, the U.S. Securities and Exchange Commission (SEC) filed a lawsuit against Ripple Labs, the company behind the cryptocurrency XRP. This news caused a significant drop in XRP’s price, but a Twitter account purporting to represent the SEC began posting misleading information about a settlement. The fraudulent tweets caused a brief spike in XRP’s price, tempting short investors to buy in. When the truth emerged, XRP’s price fell, causing losses for those who had fallen for the deception.

2020 年底，美國證券交易委員會 (SEC) 對加密貨幣 XRP 背後的公司 Ripple Labs 提起訴訟。這項消息導致 XRP 價格大幅下跌，但一個自稱代表 SEC 的 Twitter 帳戶開始發布有關和解的誤導性訊息。欺詐性推文導致 XRP 價格短暫飆升，吸引空頭投資者買入。當真相浮出水面時，XRP 價格下跌，給那些上當受騙的人造成損失。

Crypto Whales: Influencer Endorsements

加密鯨魚：影響者的認可

Crypto influencers and personalities often have a substantial following, and their endorsements can significantly impact market sentiment. Whales frequently collaborate with influencers to promote specific cryptocurrencies, creating a sense of FOMO among their followers.

加密貨幣影響者和名人通常擁有大量追隨者，他們的認可可以顯著影響市場情緒。鯨魚經常與有影響力的人合作推廣特定的加密貨幣，在他們的追隨者中營造一種「害怕錯過」的感覺。

Once again, short-term investors are drawn into the market by the allure of quick gains, only to see the price collapse when the whale behind the scenes decides to cash out.

短期投資者再次受到快速收益的誘惑而進入市場，但當幕後巨鯨決定套現時，他們卻看到價格暴跌。

Example: BitConnect

範例：BitConnect

BitConnect was a cryptocurrency platform that promised outsized returns through lending and trading. It gained notoriety due to endorsements from prominent YouTubers and influencers who presented it as a guaranteed way to make money. Many investors poured their savings into BitConnect, but the platform eventually collapsed, leading to massive losses for those who had been enticed by the endorsements.

BitConnect 是一個加密貨幣平台，承諾透過借貸和交易帶來巨額回報。它因著名 YouTube 用戶和影響者的認可而聲名狼藉，他們將其視為一種有保證的賺錢方式。許多投資者將積蓄投入 BitConnect，但該平台最終崩潰了，導致那些被背書誘惑的人蒙受了巨大損失。

Conclusion

結論

The crypto world is rife with opportunities and risks, and the game of sentiments played by whales is one of the most treacherous aspects of this space. Short investors must exercise caution, conduct thorough research, and remain skeptical of hype-driven narratives. While not all whales engage in manipulative tactics, it’s crucial to be aware of their presence and the potential for market manipulation.

加密世界充滿了機會和風險，而鯨魚所玩的情緒遊戲是這個領域最危險的部分之一。做空投資者必須謹慎行事，進行徹底的研究，並對炒作驅動的敘述保持懷疑。雖然並非所有鯨魚都會採取操縱策略，但了解它們的存在和操縱市場的潛力至關重要。

To thrive in the crypto market, investors should focus on long-term strategies, fundamental analysis, and risk management rather than succumbing to the emotions of FOMO. Only by understanding the tactics employed by whales and remaining vigilant can investors navigate this volatile landscape successfully.

為了在加密貨幣市場中蓬勃發展，投資者應該專注於長期策略、基本面分析和風險管理，而不是屈服於 FOMO 的情緒。只有了解鯨魚所採用的策略並保持警惕，投資者才能成功駕馭這一動蕩的局面。