They sold 15% of their tier 1 in the first week. What did you expect?
$2 million market cap is still serious coin for a small team like the one they got, and promising a working product by the end of the year is realistic, but investors seem to prefer the over promise under deliver ICOs (ethereum, IOTA, Lisk) that are continuously failing to meet deadlines.
So when they say that they will have a working product by November, investors in this space have been conditioned to say:
"yeah right, November 2017! maybe"
I'm sure that the lower tiers will sell once they start showing some progress. In the meantime, they might trade cheaper on the DEX.