And how would the miners react to it?
You've already answered your own question. If everybody sell their coins the value will be 0. I mean it wouldn't even be everyone as not all coins are available for trading. Some of them are on abandoned or lost wallets and so on, so even if only 50% of coins in circulation got dumped in a short time (like 1 month) the price would temporarily plummet to double digits. Exchanges wouldn't be able to hold liquidity.
What? I wasn't talking about the coins being lost but dumped on an exchange due to people abandoning the currency. That's what OP was asking about.
Do you honestly think that if 50% was dumped the price would increase due to lack of supply? For 50% to be dumped there would have to be both supply and demand, but that demand would go down since people would panic seeing the price is going down like crazy.