Unfortunately, projects conducting bounties do not always raise enough funds, and if they succeed, then investors often want to profit from bonuses, which means there is a risk that they will sell part of the coins immediately after listing. The likelihood of this increases because bounty hunters, fearing a dump after listing, also want to sell their coins received for promoting the project.
Add to this the bearish trend in the market and get a combustible mixture that can easily turn the price of a coin into trash.
In view of this, it is not surprising that projects are trying how they can delay the moment of listing and further dump.
It's not always about funds, I have promoted two projects since mid 2018 and one met softcap and the other raised hardcap successfully and till date they are not listed on exchange yet, airwallet and chellecoin, they are both good projects but production is very slow
sometimes, there are shitprojects which dont wanna pay to enter exchange
I know those types are so much here. bcz they just aim to stole investors money
so, I conclude that it fully depends on dev itself. if the dev is bad, no matter big source it is, it wouldnt make the coin/ token enter good exchange