there are more of the bounty hunters sale their coin when they see that it's listed in exchange. Maybe they need money. They do not care how tokens will develop in the future. They are not investors so they just need to sell.
I agree, there are such people. But still the vast majority of those who are real investors and holding the coin. and the fact that the coin falls sharply after the exit, so it is their machinations. They deliberately understate the price, then to buy more.