We always see the price rise for a short period after the listing in the exchanges or after IEO, but soon price be come down,
this may due to two reasons:
The first reason is that the coin or token has no real value.
The second reason is the large sale of those who got his coin free such as airdrop.
Isn't that true?
Coin and tokens has no real value as it can't be use to purchase thing in local stores, though the demand from the people dictates the price in the market.
THe more demands they get the better the value.
Airdrops are not that big, people only get this free token in reasonable numbers, some might not even good to trade due to the gas fee.
For me the main reason is the luck of demands, the token is listed in not good exchange with low volume.
Pre-sale tokens are not locked and big investors who got huge discounts starts to sell at the very beginning.