It's not only hunters and airdrop, but seed and private investors.
Even the team could have dumped some of their reserve
that's what I thought. but the momentum created during the bounty distribution made all these problems belong to the bounty and airdrop hunter.
Private investors and teams who want to throw away their money at the same time as bounty hunters selling their prize tokens can of course make a decline. when demand is less and many are selling it will inevitably be a severe dump.
As a participant in bounty projects, I have already earned a lot of experience on this. There are many examples when bounty participants severely knocked down the price of a token (SPINDLE, DEBITUM, Kora Network, TGAME ...) And there are many examples when thousands of bounty participants' sales did not make the weather for a project (CREDITS, Pundi X, COMSA ...). In the end, everything depends on the project team. But if there is at least a little talk around the project, then the bounty participants can not greatly influence the price.