Most whales are highly overinvested. That is why 95% are powering down. They may, at some point after lightening their holdings, buy back at a lower price. That certainly possible. The best thing that can happen is to get that point as quickly as possible, not discourage or avoid the selling that is absolutely necessary to get there and in doing so suffer the many disadvantages of a horribly broken distribution any longer than necessary.
Selling when one is heavily overinvested in a single asset and not buying more is not indicative of having no faith in the platform. Nor does it indicate a desire to sell off ones entire position. Everything in moderation.
I agree with you that there is no lack of innovation, and there may well be a rapid and significant influx of new investors leading to significant price increases including when least expected.