How do panic selling affects the market and why does it affects the coins value?
The panic sale is like putting your money out to sell at a very cheap price, maybe only 30% worth and maybe smaller. It would be foolish if you did it without a reasonable reason, or maybe many people did it out of fear

If there is no urgent need for money, it makes no sense to sell their coins at meager prices, let them lie and wait for their chance, there is a possibility that they will grow