Can a Developer Still Manipulate the Token Price Even If the Liquidity Is Locked?
Yes, a developer can still manipulate the price. Locking liquidity prevents the theft of the underlying assets, but it does not prevent the developer from selling their own personal holdings of the project token.
If a developer holds a large supply of the token, a massive sell-off (a form of pump-and-dump) can crash the price, rendering the locked liquidity useless for maintaining value.