I saw Russian thread about waves and I saw there are the same questions. There are 2 options - first of all usually waves team or someone involved to waves team buy some tokens. They usually supports their token. of course this is not official, but people who looks like insiders wrote about that. The second one - there are one huge seller. Nobody knows who is this, but looks like this is someone from older investors or something and of course all market was red, so this is multiple effect.
Yeah this is usually what makes a selling spree much worse. Things are already a bit red on the altcoins market as it is, and then if there's a massive move it sets off an avalanche. Waves looked like it had pretty good support around the 2.50-3 region and I was even thinking about getting in there. But now it's plunged down there's no telling where it will go.
It will slow down though, so nothing to worry about. But it might not come back up to a good level for a few more months after such a large drop, unless some big investors get into it. They would need to have a very good reason to do this.