Degen

Market makers influence the price of a token by providing liquidity through placing buy and sell orders on the order book, controlling the spread between prices. 

They can manipulate the price by placing large orders that signal market direction, engage in cross-market arbitrage to exploit price differences, or create temporary price movements through tactics like wash trading or spoofing. 

While they don't directly "set" the price, their actions significantly impact price discovery and market behavior, especially in less liquid markets, by affecting supply, demand, and perceived value.