I think this will not be the case anymore, those who got their RLB free had been selling it when the RLB market started uptrend last time. I think the RLB holders now has more patience and for sure they will be holding RLB for some time, and if RLB started to get bullish, the possibility of FOMO-ing is always there so it won't be surprising if we see another run that will break its current ATH. But for sure, dumping will happen when someone wants to cash out their profit.
It depends on how they see the token growth and what profits level each individual is seeking for like some may get satisfied with even low pumps as well and cash out profits but on the other side some who believe team will come with more developments to support it will hold it for long term.