Inventory used to cover shorts in private hedge fund accounts.
The price is not moving even when massive trades are occur at ask prices.
What is going on?
Big financial institutions have to buy dumped shares to provide liquidity. They got the shares dumped a long ago below 30 cents, like many small and large investors too bought then.
As other institutional buyers (not allied with the big fellows) have now emerged, the mega banks have chosen to clear their inventory by selling to their private hedge fund buddies who had gone short and are covering and going long. This is why the price remains stable at a level maintained by the current institutional holders. It is quite disciplined trade, except when the retail traders jump in and out or when the other institutional buyers take a break or wait for a plunge.
The problem with your theory is that the all of the available outstanding shares have been traded over and over several times since it was at $0.30 cents. Very, very few investors, institutional or otherwise, have held on since the crash 5 years ago. I agree some large funds are manipulating the price, but it's not via trading hands between holders below .30 and hedge funds covering.