This term is used to describe 1. an individual or a group of traders that have in their possession enough money or percentage of total supply of any particular coin to massively buy or sell a coin and manipulate its price.
2. In games, a user that spends a considerable amount of real-world money for in-game items, rather than acquiring said items through or playing the game normally. These players are typically seen as the largest segment for revenue production for free-to-play titles. White whales may also refer to exceptionally high spenders.