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Yes and blaming an airdrop to destroy the price is the wrong way to think about it. If you create enough demand an airdrop shouldn't do much at all.

Airdrop participants did not actually receive much and only a few got the tokens too and mostly from the bitmax listing candy airdrop and I doubt if it will be able to dump the price.

although there were only a few Airdrop tokens, the price went down. That surprises me. Did Private Sale participants sell their bonus tokens? That would surprise me, but in times like these everything seems to be sold immediately:-)

The price per token in the private sale was 0.00003125 ETH. I doubt that investors from the private sale would sell their tokens with a loss just after the first listing on an exchange. Especially when they knew that this project is a long shot when they decided to invest.

The top investors will not risk selling out their tokens at this time., it is actually a bad move and might lead to a very big dump in value of the tokens.

If I was a private investor I would not be selling my tokens at this price. COVA is a great project and they are slowly building up steam. They had a very good end to the year and I'm expecting them to continue developing their project in 2019.

Right. I remember having this conversation with a friend of mine when they listed on Huobi and announced that there won't be any public sale. Investors don't invest in the token sale just to sell off the moment the token gets listed (in most cases), so, I really questioned the move of selling the token through exchanges, I had a feeling it might backfire but I hope it doesn't because I am always rooting for COVA.

Well, some investors do invest in a project and dump after it hits the exchange, even doing the airdrop days, they buy more with the hope that it will yield some profit when it gets listed, they are not interested in holding the token, i'm not generalizing this though but its a fact, i think not having a public sale was a wise move as it helps curtail some errors associated with airdrop

Well, no offense but I don't think those people can be categorized as investors. They did buy some token, yes, but that definitely does not qualify them as investors (sounds funny, I know) but mainly such character is exhibited by people who got the token for free and have nothing to lose.

Yea, i'm not saying they are true investors but for the fact that they invested something in a particular project, still makes them investors because their funds where used in the development of the project, one way or the other, even though they are more interested in dumping than holding, we have different categories of individuals and they have there preferences