Good post for considering what can happen but ultimately if the project is good it shouldn't matter if whales hold significant amounts of the token. How they were able to obtain a large stake is also important. If they purchased like everyone with an even playing field or were given their share at a discount as an early investor.
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Yeah, I get your point but imagine if they decide to dump that coin, what do you think would happen?
It wouldn't really be in their interest to do a large dump because it would crash the price. If a whale was trying to maximize their own return they would sell in small increments to have minimal price impact.