Yes.  If the shares last cleared at 100 and there is a 1mm float, and I buy one share for 101, the cap rises 1mm on my 101 moneyflow.  But then you sell the book down to 99, which requires 100 lots of 100, dropping the cap 2mm, while receiving ~1mm.  How much cap moves on flow is determined by the distribution of the book and how closely balanced the flows are.

Rational accumulators and distributors alike usually prefer to deal without impacting cap.  Anything else may be illegal manipulation, in u.s. equities.  Of course in crypto no one has ever been charged with a crime for price manipulation per se, AFAICT.