I think you'd analysis is a little naive. Few exchanges with thin order books are a playground for pump and dumps. Whales probably have other more lucrative sh$tcoins to play with for now, but I wouldn't count it out.
Discussion
None of those I listed are exchanges where you can keep your crypto parked that gives them the opportunity to manipulate and front-run (Binance, Coinbase, etc)
They're all either self-custodial DEXs/atomic swaps or immediately give you the crypto for a swap
Users can't "park" their crypto on it like you can with Bitcoin on large exchanges
I'm not saying it's impossible. I'm saying it's harder to do in that regard.