Most of the time when token is already listed on the exchange , while tokens of the bounty hunters is not yet in their wallet , and almost one week before it is distributed into their wallet , then the price is already very lower than the ICO price , so maybe the investors or the team itself are the one selling and dumping first before the bounty hunters .
High chance that they are the ones pumping or dumping their token. Because most of the time, bounty hunters get their tokens after a week or so (sometimes months of waiting), so there's no chance that they are the one selling. Unfortunately, when their time comes, as you said, the price is already low, which is not favorable to them.