Of course, investors are the ones who care about the project and some hunters too, we can say that most dumps are being made by bounty hunters but we can also assume that some big investors too to get cheaper tokens and manipulate the coin or token, that really depends if the project is worth the hold then even though you are a bounty hunter you will be holding it.
We cannot say that most dumps are done by bounty hunters, because bounty hunters only get tokens in small amounts, so they tend to sell them at the price requested by traders in the market, and if we examine in assumptions, investors can make a dump large prices, because they always get a bonus when investing in a project, and the price of tokens purchased by investors is also cheaper.
you have a point on there . i agree on what you have said but this is about the longetivity or if how long they hold .
before investor dumps the market , bounty hunters already did it . also if we combine the number of token allocation and all the hunters , and think if they all sell together , their damage delt on the price is also deadly . there are those project that give alot of tokens i see one time , imagine if all projects are like that . the coin can dump hard easily if the coin goes on the wrong hands