It's important for this type of IEOS that the team and initial investors have vesting. That way they cannot sell their coins for at least a year or 2 years. That way the next investors are protected from big whales that just want to pump and dump and gives the project enough time to develop and grow.
I think whales participated in IEOs. With millions of dollars in sales achieved in just a few minutes or hours, I think most of the buyers are whales and I think this is only natural because everyone wants to make a profit. The prices of almost all tokens and coins are currently down and not limited to IEO tokens, so I don't think we need to worry as long as the project is still running and has active transactions on the market
Why so many people are only taking the whales as the main reason to make the price of IEO dumped to the bottom price. Did you ever think about another possibility just like the pre-mined coin of the team itself getting dumped to the market?
Remember about there was a limitation for token that allocated to be sold on IEO.
that doesn't make sense to mention the whale as a party who create a big dump. Remember the developer can contribute to the dump by send more and more pre-mined coin.
the holders dump it because they don't believe or feel disbelief to the project.