~slip~
Also remember that while an investor is free to DUMP off his token and move on to another project, the hunter's token is luck up for months.
SO i believed that tokens are dumped in the market by the same investors once they are sure of profit in order to move to the next ico in the market. Not the bounty hunters or airdrop holders.
You have a good point actually, i always think it's because of bounty hunters but not anymore right now. It makes sense actually, investors sell some of their coins to get fast profit and when the price fall, bounty hunter also sell their coins, that's why the price become more fall.