Market maker behavior significantly impacts cryptocurrency price volatility. Market makers provide liquidity by placing buy and sell orders, narrowing spreads, and stabilizing prices. In crypto markets, where trading volumes can be thin, their actions are crucial. Aggressive buying or selling by market makers can trigger sharp price movements, especially in low-liquidity coins, amplifying volatility. They may also use strategies like spoofing—placing large orders to manipulate perception—before canceling them, further destabilizing prices. Conversely, consistent order flow from market makers can dampen wild swings, fostering confidence among traders. However, their influence depends on market conditions, coin popularity, and regulatory oversight. In decentralized markets, whale-like market makers can exacerbate pump-and-dump schemes, driving extreme fluctuations. Ultimately, while they enhance liquidity, market makers can both mitigate and intensify crypto price volatility based on their strategies.