It is only on their exchange. Come back and make the same statement after it has the other exchanges. Not saying it will tank automatically, but making this statement from only their exchange in not a correct comparison.
There are only ~600k coins (out of nearly 11 million) "in the wild", and these are the ones sold for $0.20+. Those bagholders probably have no reason to dump yet. Other coins are either locked in stakers (XPY conversion) or belong to the "team" (the rest of the premine). But eventually the staker payouts, masternode and regular stakes will build up selling pressure. 12 million new coins in the first year is ~$3 million at current prices and so far there is no indication that this value can be propped up. I mean they might start beta testing their first game in the coming weeks... it HAS to be a huge blockbuster.