It seems to me that the price drop after the listing is due to the fact that no one believes in the value of coins in the future, since every investor, as well as the Bounty Hunter, only plans to make money on a certain project, and few people worry about the future of this company. Recently, a lot of companies have announced that their tokens that they issued do not have a practical purpose. Therefore, everyone is trying to get rid of these coins as soon as possible.
In fact, a drop in prices occurs because there are more sellers than buyers. Who sells in such cases? As a rule, these are bountists, airdroppers, as well as large holders. Usually usually bought by other traders and the exchange.