In most cases, the developers are the dumpers, they dump their tokens and leave investors to suffer. Private sale investors also who usually get the tokens significantly cheaper than ICO/IEO investors don't help, especially when they see price tanking.
In the case of Tokoin, I believer the exchange has a lot to do with it, a good exchange goes a long way in sustaining a project's token price.
investors and tokoin holders understand well that the project does have good competence as a digital identity / bookkeeping for micro businesses, especially in Indonesia, so it is not a passive coin in the long run. Your analysis of the average project is like that, their weakness is not determined by what is obtained by the bounty hunter, because they only get a minority stake.