In my opinion, the price of the token falls not only because of bounty program participants, but also because of investors who buy tokens not for long periods but with the goal of earning their 20-40%. The real price of the token can only be seen when all of the above listed participants sell their tokens.
I believe that hunters for generosity have almost no effect on price reduction. Maybe only in the short term, when generosity has just been paid. The price is also pushed down by people who have received good bonuses on pre-sale.