Market activity suggests that this is a plot to buy cheap coins. Volume is way up and price is largely unchanged. Buy or hold.
Yes it looks a bit strange. Someone believes in the project enough. But there is probably a bit of emotion involved, but the dust will settle.
One Bittrex account has more than 10% of available coins now, and that same account (probably) is bidding for another 13 or 14% of available coins.
I sold most of mine on the basis that this uncertainty can't be good, and the coins is unlikely to go up.
But, why would someone want to buy so many?
M'eh... I can think of a few reasons but none of them seem good.
I might speculate in the speculation thread.