Looking at HMSTR, it's not like that... the price doesn't go up immediately after the listing... yes because there are so many airdrop participants who get coins for free, so they don't want to miss the opportunity to sell the coins they get... some airdrop coins that are too hyped, usually experience a price dump because so many coins have filled the sell wall, while wise buyers wait for the price to drop after the massive sell-off...
So here it's actually a matter of timing... for a good project that has very few airdrop hunters, it's possible that a pump will happen soon, because there are very few weak hands there.. while when a project is too hyped through an airdrop, then the sell order when it first lists will be very high which causes a dump.. it could be a temporary dump, it could be a permanent dump, depending on the fundamentals of the project concerned.