I don't think the current market status has a lot to do with whales manipulating the markets. Whales can manipulate the market, yes! But too much "artificial" manipulation can lead to the severest form of FUDs which might deter new crypto investors. I bet the whales don't want that to happen.
Indeed! a lot of whales are manipulating it but we cannot do something about it at the moment since that is their way of earning and it is their advantage because they believe in it so much, so if we really believe in it too then we must know how they works or how they play the market by studying their action.