As previously explained, masternodes DO NOT mint coins. that "free" money you talk about is a more diversified distribution channel than mining alone
That's a philosophical point at best and irrelevant to markets because the masternode revenue is almost all profit. It's that "unearned profit" (from the market's perspective) that's being priced in.
If there are 1000 coins circulating as total supply, 999 "hodled" in wallets and only 1 sold, then that 1 coin sale establishes the marketcap for the entire supply. It follows therefore that if the coin supply cost base is heterogeneous then the lowest value segment will drag the rest down.