In some cases where a token price crashes soon after listing on the Exchange, the blames has over time been attributed to the bounty hunters and sometimes to early investors that received certain bonuses.
Do you think 40% bonus for early investors is too much and capable of crashing token price?
I can't say that it is too much because genuine projects will surely think this ahead before deciding to give 40% to the early investors meaning they will only limit the tokens that are available for this bonus in order to make sure that their token/coin price will not crash after reaching the exchange. For example, they will only allocate like 10-20% of their tokens that will be available for 40% bonus and only the early bird will get it.
And with regard to exchange issue, we should not blame the bounty hunters nor the investors because they are doing their job in order to profit. What we should blame are the project owners who were unable to increase the demand of their token/coin upon reaching the exchange as it is the main reason why their token crashes badly as the seller is more compare to the buyer.