Cryptocurrency market is somehow manipulated especially with a decentralized system. I agree that some of these whales are the early bitcoin holders and some whales are the bigtime individuals and companies. This market really involves a lot of money. Now, can regulation minimize manipulation?
It can if those whales were strong enough to state all their liabilities , but still hard to do since its decentralised and controlling crypto aren't that suitable in coins uses.
I think if government already make regulation, even crypto is decentralized,it still can controlled. But it all depends on what government do, they will support or maybe ban crypto in their country.