The only part I see that would nullify the assumption of price boost is if the artist dumps the coin immediately back into the market. If the whale purchasing already held the coins, this would place a flood of coin potentially on the market which would create a downward spike in price.

I'm wondering what the solution would be to stop such drastic fluctuations. This is in my opinion a huge impediment to investment by those who avoid gambling, which is what a lot of crypto feels like. An example of this is how Hive coin went up recently, and has lost almost half its value from that spike in just a couple/few weeks. Anyone investing at that time has now lost almost half their investment.