It also protects them.
Much more even. Most IEO participants will be looking for gains and place higher sell orders.
How would all those bounty participants feel if on Monday everyone — including those who just claimed their 1:1SP Airdrop but never participate to Steemhunt — just dumps all their HUNT and there’s no market demand for it because no resistance levels yet.
The token value will crash, the psychology in a market driven by massive down pressure will cause a bearish channel and recovery may take months.
At the same time, those active on the platform and who worked hard for it may prefer to keep a majority of their HUNT because it plays a big role in their user level (and thus also how much STU and HUNT they may earn). They will definitely appreciate it when the token doesn’t just drop to 1/5 because everyone could dump and did dump.
Is this disappointing? Maybe. Is this sensible? Yes, for everyone involved. And if markets support the daily limit may even be lifted. In 91 days, 87 after listing, it is all over and no restrictions.
That’s only when IEO participants get their bonuses. They also have to wait 90 days for those.