Tank is a popular term commonly used in mainstream media to describe a sudden and significant price dip of a particular crypto asset or the crypto markets in general. It typically refers to a negative performance of a financial asset (stocks, commodities or cryptocurrency).
Rally(ing) vs Tank(ing)
Similar to pump(ing) and dump(ing), a crypto asset (like Bitcoin and Ethereum) is said to be rallying when there is a sudden and continuous increase in price for a period of time. An entire market could be said to be rallying as well, simply indicating that most assets are on the rise, usually due to a generally shared optimism amongst investors.
On the other hand, a market is said to be tanking when most of its assets are simultaneously experiencing a sharp and continuous drop in prices. A single asset could also tank or be “in the tank” for a period of time. An asset or market is said to be “in the tank” if its price remains at a low or continue to drop for an extended period, usually due to strong pessimism amongst investors.
The cryptocurrency market is highly responsive to speculative media and whale manipulations; hence, rallying and tanking episodes are more common than in traditional financial markets.