There are many projects that use tokens for marketing, especially organized marketing such as Airdrop or Bounty. In these, a large amount of tokens are distributed and when that coin is listed on an exchange, all the hunters start dumping them on the market. And due to the excessive selling pressure and listing on small exchanges, the liquidity is very low and that coin goes down in the market. And the team does not have the capacity to back up that coin. And all in all, that coin crashes very quickly.
Liqudities may be seen as the basis for those coins dropping down in price, but after that we have other factors that comes up from the activities of the bounty hunters, the mistake was from the project owners, they never have well organized plans for their projects airdrop and bounty marketing distribution, rather let everything our to the hands of the bounty hunters who's interest is never on the project but how to cash out the rewards, most people made massive money from those bounties those days when bounty trends was high along with the ICO eras.