Wait a minute!
Are you talking about ICO's here.
There is a rule which they cannot sell their coins. It will be frozen until a certain time.
It is the investors which are selling their coins.

Here is the real problem of why it did fall.
They gave too much bonuses to those who bought at Pre-ICO. Because of that, when the coin hits an exchange investors will sell immediately when they see profits even just for a little bit. They are not holders. Those are businessman. Because of the market being played also by traders the coin depreciates its value.