I have noticed a trend these days as regards the dump in the prices of newly listed tokens on exchanges. Before bounty hunters get paid, the coin itself would have dumped and yet some will still blame bounty hunters.
Some bounty hunters believe in holding and selling later at better price, while some will sell at the current market price.
Yet, i would say that investors are most times the masterminds behind it.
Some whales do that to acquire more coins at lower price. But if you are real investors and you trust the project you invest you won't just dump it and incur lot of lost. I can say that those who blame others are the one dumping it. Reason, lack of trust with the project itself. I can see nowadays its only natural for a newly listed to get dumped because of the condition of market. It will take time to get it back to normal.