One of the resons why after the start of the listing the price of the tokens falls because bounty hunders start to sell the tokens.
Bounty hunters do not want to wait a long when the price of the tokens will grow. That is why they sell tokens.
The important thing is that they get money, even though it's small, selling low prices is also not a problem, but it doesn't work for me if it's sold cheap, especially if this project will be good in the future.
That is why bounty hunters prefer to get money if they have a chance to do this. Usualy they do not wait.