A person or entity that has a significant amount of a specific cryptocurrency is referred to as a "whale". Although there isn't a clear cutoff point for this definition, others believe a whale should possess at least 1,000 of a particular asset. A person who has enough coins or tokens to make a major impact on market values by either buying or selling enormous amounts is known as a whale. Although we frequently refer to a wealthy person as a whale, the word can also refer to a company or institution that has a sizable number of cryptocurrencies and has the influence to drive the market up or down. Investment firms like Pantera Capital, Fortress Investment Group, and Falcon Global Capital are a few instances of such whales in the cryptocurrency market. However, in reality, the majority of those major participants don't actually trade on traditional cryptocurrency markets because their sizable orders might overwhelm the volume of the order books. Instead, they engage in Over the Counter (OTC) trading, where they buy and sell currencies off the exchange books. Whales have a significant impact on on-chain governance in Proof of Stake (PoS) blockchains (more money at stake gives them more voting power). For these networks, the presence of whales can be both a positive indicator (in terms of stability) and a positive sign (in terms of growth), as they have significant incentives to act honestly. The majority of money being controlled by whales, however, can have a negative impact on power distribution.