You are right but you will be surprised at how common is that strategy, and even if it worked for some time the markets have a tendency to adjust and take advantage of uninformed investors, most likely whales that can buy tokens for a discount realized this occurrence long time ago, and they found a way to exploit it by selling their coins immediately while there is a big interest coming from the community, they can sell a huge amount of coins without the price taking such a huge hit giving them almost instantaneous profits while the rest of investors will have to face the crash that will come once there is no one left to buy those coins.