if I think who makes ICO coin price down is from these factors :
the ICO maker gives a huge bonus, for example the price of ICO 1 ETH = 100,000 coin X and bonuses earned by 50%, then he will get 150,000 coin X, so when coin X enter the exchange, the investor will sell at the price of 1 ETH = 130,000 coin X and he still get profit of 0.15384615 ETH, and if he buys as much as 10 ETH then he will get profit of 1.5384615 ETH and this is only a simulation if the bonus is 50%, so what if the ICO gives a bonus of 100-200%? then I am sure the price of the coin will be greatly decreased.
so I think a lot of people are wrong, who think the factor that makes ICO coins down is the bounty hunter, because the allocation given by the bounty hunter is only 1-3% of the coin sale, so it is unlikely to me from such a small allocation can make the coin price down very much.
this is my opinion, so if my opinion is wrong then i am very apologize to you guys.