this may due to two reasons:
The first reason is that the coin or token has no real value.
The second reason is the large sale of those who got his coin free such as airdrop.
Isn't that true?
because the circulation of tokens at the beginning of trading is very large, the tokens that I mean here are in addition to investor tokens, sometimes there are teams that do not lock advisory tokens, partners, or other allocations, so many free tokens are circulating. and the demand is small
i like the first point of the op - "the coin or token has no real value". this is the major reason why a certain coin cant stop the continuous decline of its price once listed. if those sellers believe that this coin will be valuable in the future, they will not sell their share for pennies!
we have witnessed countless times that when a coin plunges, very rare that it can recover even half of its initial price. for those that who dont want to wait for nothing, they will just sell their holdings even at cheap prices. you cant blame them. they dont want to lose all their investments.
those free tokens that the team distributed, should have no significant impact as the percentage is very small as compared to their total supply. should not even think that they will dictate the fate of the project!