In a way, I will say it is totally false because bounty hunters do not have many tokens compared to private investors who hold plenty coins bought at a very cheap price. Most bounty hunters are serious holders because they read the  project and put their trust in it.
And even considering the rate that each hunters holds and when you think deeply, they do not sell on the same day so the dumping effect is caused by those who hold many coins not the peanuts that bounty hunters hold.