I know nothing about rules of selling discounted shares, Cooky can answer that I believe. But to the gist of your question, yes, people at all price average levels can and do sell for a number of reasons. We have people here at average positions of $0.007, $0.01, $0.025, $0.05, $0.075...and up.
Probably all the way to 15 cents...think of a normal distribution of shares vs. price....maybe Cooky or Grim can shed light on how to quantify this distribution....I'd be interested in knowing the median....guessing it is around 5 cents if you only count real shares....I'm straying way out of my league now and better shut up!