It's 1% of the total supply 6 weeks after launch

Look at the emission of any top 50 coin and they will have mined more than 1% in 1st month.

Monero bitxoin litecoin etc.

It's just people who were mining at launch selling their earnings

I don't necessarily agree with it being dumped so quickly but it's an open source project and the early miners are entitled to sell. We can't control that.

There is only 1 exchange listed at the moment so 100% of all mined coins are being sold there. It's also a very new coin so buyers are limited. This gives an unbalanced view when you see a large number of coins sitting there at 1 sat unsold.  (For more established coins there would be a much healthier buy/sell ratio).

In a few weeks new exchanges will open up which will distribute the sales more evenly in addition to a major product release and marketing push that will bring in buyers