When somebody sells, someone else is buying. Would this event trigger a price dump or a raise?
Price depends on supply and demand and not on the amount of a sell order.
But that doesn't stop the whales from creating waves though, they're still able to make a significant movement in the market. And there's also the media to create the panic or the hype depending on what the whales want because they know that people easily reacts when there's negativity in the news or something like that.