In my opinion the most part of coins just lose their investments and working about them to rise up when they come to the market. I guess so many of them are scums.
If we compare the market of its company in 2016 and now, then today more than half of ico companies are scammers or projects that do not have investment appeal at all.
I guess that's a big factor why prices of each crypto nowadays becomes really volatile, and constant change cannot be controlled since traders haven't got what they aimed to take. Furthermore, current bearish market wasn't corrected yet and worst is more panic holders are giving up. Although the strong hodlers still intact, its easy yet to recover while the market doesn't have greener signs to climb up.
People are putting or cashing out their money from the market and that's the main reason why there was a pump and dump that makes the price of each token can change constantly.
But this time we are only discussing about the volatility and it's not related to the long term holders.