PARTICIPATING IN A GOOD REPUTABLE ICO IS STILL PROFITABLE?

Many instances happen this following month that I have observed that when a solid ico that was put to its first exchange, the price of its token is totally rekt (wreck) because of many users dumping its token. Who can we blame about it, is it the bounty hunters? Who is getting its token for free in return for their effort for advertising its ico? Or the whales investor in the ico that is manipulating its price and drags it down.