Well since it was a promotion on the day the "whale" (not making fun of you, just wait) sold, at the very moment of the high of the morning, that whale was most likely the very company promoting the stock and getting their profits. That's just how they make their money.
However it doesn't account for the rest of the day, that happened in the first hour, then the MM's took over. Once it filled it's gap, it should have rebounded, it had all the momentum in the world.
The gap up is cause by the promoter pumping up the stock, and it fills the gap (usually) when the promoters sell all their shares and causes a temporary panic sell off.
By the time it gets back to it's previous close, there are orders there just waiting from the night before from traders who can't really follow the markets all of the time. It creates a support line from people trying to buy in at the previous days close and causes a rebound or consolidation.
General daily pump charts have a spike at the open, then a retraction to previous close or just below, then a slow and steady climb the rest of the day. The MM's just didn't let it happen.
VNDM was averaging about 2 million per .0001 sitting on the ask with the phantom 10K. That completely discouraged buyers and it slowly bled down. There were lots of buyers, but anyone with a level two could see what I was seeing...they just didn't want to let it run yet. So, the buyers dried up, and it slowly ticked down by the end of the day.
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