while on ico ,you can expect that the price of the coin can instantly pump after it gets listed since investors and bounty hunters were only hodling their coins for a long time.
For a very long time already, I haven't seen an ICO coin pump after getting listed, normally it will dump as the bounty hunters will dump.
There are only a few bounty hunters that will hold, most of them are going to dump to cash out.
I do agree with your point so from the past year till now the companies are allocating a very small percentage to bounty hunters and how can it impact if they start dumping the coin and why don't you think in the different way investors are dumping to make a huge profit on the investment they do.