You will be right and since manipulation has been existed in the market for how many years, to stop this is less likely impossible.

These rich people like Elon had come to crypto and pump the market, and along that event many had also taking the benefits from it. Investors and holders are celebrating their day knowing that the market will pump.

Either we think this manipulation is bad to the market image and gives worries to the investors but I suppose to live having an environment like this. Why? Because it helps the market remain volatile.