It can affect the price is there are more sellers than buyers but it will only happen if the price drops as that's the time when people will be eager to sell their coins. Until then, I don't see it happening. It took place when LTC prices dropped and there was a panic in the market.
The same happened with bitcoin.
Panic selling is not something exclusively for bitcoin. It has happened too with stocks and other aseets. It's just the way how markets works.
Nothing you can do, except try to profit from it.
When there is blood on the streets...