Could the reason for the price drop have anything to do with the token swap?
Nope, it is because traders sell off their PUNDI X, continued to drop its price and they panic sell again causing the coin's price dump. Token swap doesnt do anything about it. But just like other altcoins, it will still goes up. Depends how strategy will they gonna use. If they advertise it again, do some partnerships, or do some project improvements.