I think a whale is actually more like a unicorn.
They don't really exist, or at least they don't exist in the way that people talk about them here. Why are these 'whales' risking millions of USD worth of Crypto to move the markets, so that they can maybe, hopefully make a few percent. I think mass hysteria is the real reason that the market swings quickly, then recovers, not whales.
The whole pump and dump stuff might be started by individuals or groups, but they just start the ball rolling and let the idiots move the market further.
More or less, that`s my opinion as well..
It`s huge risk, needing huge investment and still price fluctuation may not be correct enough, enough for profit..