The first reason is that the coin or token has no real value.
I agree with for first reason
And I do not agree with both of you, because the token at the beginning almost always has no value. Its value increases with the development of the project, and it always lasts at least a few months. It is rare for a project to collect money when it has a finished product that adds value to the project and his token.
even i dont agree ,sometimes its not always what you think, in my own opinion why price down after listing in exchanges its because investors wants immediate profit and then buy back at lower price, hold the coin for atleast month till the price recover.