I think the reason is there is no buyer because of no demand for tokens since the ecosystem is not completed after the ICO.
It may be difficult because lack of funds, but I think the team should release a product like Dapps while running ICO to make token demand.
How do you think about it?
The dump occur with practically useless ICO projects. Also bad marketing can be the reason of dump after listing.
If ICO's developers managers are smart and they want to support the project they should put a buy orders to avoid massive dump. The price could be below ICO price but not significantly