Maybe yes maybe no.  One school of thought is that most first ICO buyers, like me, were already forced to hold through some rough times for the project so we aren't going to sell cheaply.  The other thing is that 7mm of the coins are in lock up for the lending program. But you have a point.  Some of the first ICO buyers could see dollar signs and dump.  It could go either way.  See how good I am at predicting?  It's 50/50.