Are bounty participant really the cause of dumping coins?

[HawkEye]

For my little exposure to some ICO's has made me notice from many investors apportioning most blame on bounty participant as the main cause of dumping coin on market far less than ICO prices. Some claim since they really dash them the coin for free they really do not care about the market but rather dump them and go their way leaving the fate of genuine investors and managers at the mercy of this dumped coins. But i  truly believe that bounty participant really engage their time and earn these coins of which some really don't dump just like that. What is the actual cause of dumping of most ICO coins, is it a matter of bounty participant, investors or on the part ICO managers concept of plan for these coins?