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That is the strategy most of the whales used to buy a token. First dump the coin price and starts panic selling and then buy the dip followed by a pump. Some times the price dips because of the selling pressure from bounty participants because it is common for bounty hunters to sell their tokens when ever they get listed on any exchange. So relax, the price will pump in coming days and you will get profit, keep this in your mind that you must sell your token at the first pump.
This is why I don't hodl alts that much sometimes anymore.
This panic selling is quite common than expected especially to what you mentioned, whales.
Bounty hunters selling could just do the minimal, but not much because the allocation to it isn't as big as to the allocation of tokens/coins to other parts if you would look to certain bounty allocation pie chart.