I Don't think so, it's just the market condition that fewer buyers now and general volume very low. After the listing on a bear market, you can't expect the price to go to the moon.
Of course, this is still the case today, a very large number of investors are either in the long-term HOLD or simply exit the cryptocurrency. The bear market has been going on for a very long time, but what will happen next and what if such conditions of selling tokens are really made at the price of ICO?
Investors have a huge participation regarding on price development but it somehow some of them are just doing things which could result into dumping(selling at below ico price in bulk). If course it create a sudden drop of token price and never recover anymore as nobody have the guts to risk in buying.