Developers and many believe its bounty hunters that dump coins early but I will say investors also dump coins early in the form of day trading, by that they get back their capital and some profit and don't care if the price increases or remains stagnant. Now, most times the blame is on bounty hunters, no doubt bounty hunters dump because they didn't invest in the project with money but just time invested.... Regardless of that, there are still many bounty hunters that hold and don't dump until price is worth it.