At the time of the listing after the end of ICO, the price often dumps. Why does it happen?
I think the reason is there is no buyer because of no demand for tokens since the ecosystem is not completed after the ICO.
Sometimes, when an ICO has some bounty, the reason of the dump is mainly on the bounty hunters. They got their token for free, and will quickly convert it into cash, even it cost for 1-5$ that the real value should have been 500$. That's how some of bounty hunters work and I'm glad these people are reducing now.