If it's just people who wanted Helium, and are know dumping SPR to take what they can get, then they would just buy the bids and be done with it. But that's not what they are doing. They are putting up sell walls, and they are moving them down, carefully trying to make as less sales as possible. All the while letting others (lets call them the weak hands or panic sellers) drive the price down. And then the sell walls move down again. That's what happens, every time the price seems to settle down and find support.
I'm not saying that what you are describing is not partly true. But I'm sure, the price of SPR is being driven down artificially. The only thing I am wondering about, is whom is profitting. Could be the Helium guys, could be Georgem, could be a random group that wants to capitalize on the panic that is surrounding this coin.
I'm really curious to see how this plays out. In my opinion, it will either hit 0 and be delisted (if you are right), or it will bounce back hard so the ones who drove the price down can take their massive profit. Time will tell..