I had always thought of someone with a big put option on Bitcoin but these would work, too:
Could this attack itself partially initiated by large mining pools? Because they get part of the spam coin back through fee, it does not cost them too much, but it will make lots of coins on market occupied during the attack, thus raise the exchange rate. With more and more coins trapped in unconfirmed status, the coin supply on market will become less and less, a great help for the speculators who are pumping up the price at the same time
The risk for a panic seems pretty high. Otherwise it could simply be large pools trying to create a proper fee market.
I note that this "stress test" coincides with a rise in price and an increase in "buy" volumes on major exchanges.
Yeah, a whale trying to buy low. But it would make more sense to wait with buying until the problem surfaces, maybe even sell a bunch to create a panic.