I dont think its whales. The sell pressure exists from miners. It is summer. All markets are bleeding and Saffron although I think it is the best coin at the moment together with Shadowcoin, it is not a exception to the rule.
You have a point- electricity is at a premium right now- I didn't think of that. The whole market is tanking, even Bitcoin has gone down 7% in past 72 hours. Did this happen last summer?