But I do not understand why they simply do not buy then tokens of the project they like on the exchange, because the probability that they will be cheaper than even the initial cost during the ICO is 90%.
Dumps are being done by weak hands, whales, P&D people, Manipulators, bounty and airdrop hunters and the investors itself because either they want to accumulate more coins or they got fudded oh forgot about those people who want some quick bucks, large dumps from the first months of a token when it hit exchanges are commonly from bounty and airdrop hunters but depends on their reward pools, presale and actual token sale have their own discounts and bonus that why they are investing and they can't continue with their ICO if there are no investors at all.