There is a trend with most (not all but most) ICO. Price drops after ICO from people selling and then goes back up in a couple of days or weeks if its a good project. So people who are trying to make a quick buck is happy and people who are HODL are also happy.
Majority of times it happens due to the pumping and dumping where people group together and buy some coin at very cheap rates especially new coins and little bit price moves up they dump all the coins this the market falls due to the sell . As a result a normal investor holding few coins sell it in a panic mode and thus become more cautious with such coins.