Everyone who had fiat on Gox and was tempted to buy bitcoins has already bought them. I believe there are very few people left who have fiat on Gox that they sold quite higher and are hoping for it to still go lower to buy in.
What the whale is doing is giving the appearance that the coins really are this cheap on Gox while in reality they are actually not because there is almost noone left to buy them. There are however HODLERS and gullible speculators who are panicing and are induced into selling their coins thinking the price will go even lower. The lower the price goes the bigger the chance that these people will finally sell their coins.

What is actually going on as mentioned many times before is that the whale is selling coins to his own walls and hoping weak hands will panic and sell theirs aswell. He has done it a few times already in the last few days. It started with selling pressure of 20-50 btc batches being sold every 7-10min. This went on for ~24-36h nonstop and then he increased it to 100-300 btc bathes sold every 3-4min because at one point there were people who had fiat on Gox who wanted to buy cheap bitcoins and were creating buying pressure. So the whale compensated and made the situation look even more bleak.

I thought 300 would be the bottom since Gox is probably close to fixing the withdrawals and the whale probably milked people enough these last few days but actually what we are seeing is that the whale is interested in making money and has zero morals to go with it. He is going to milk this community till the very last moment before withdrawals to get as much as possible regardless of the damage to other people or to bitcoin.

If the whale can squeeze in another cycle of this constant selling pressure followed by his walls trying to push the price up again then he will do it. It will probably not happen since a) MtGox will probably fix the withdrawal situation on monday and b) when the banks start working on monday there will be new fiat flying in to buy those cheap coins.