This is exactly what happens when a projects gives out so much supply .

$HMSTR , $CATI and $DOGS were telegram airdrop and was given out to millions of users.

More or less doesn't matter each sell has a psychological impact on traders. When they see some sells coming in, it makes them panic and they sell their bags.

These charts are a representation of millions of airdrop participants taking out whatever they can.

Down 60% on Average.