Open discussion: Tokenomics of freely-distributed coins

While we are all now in euphoria stage regarding the recent listings and price action of Moons, I think it's worth it to step back and think about their long-term outlook given their perpetual, free distribution model.

I think that there are other tokens that are now established in the space which were also freely distributed (e.g., Nano) or are STILL experiencing free distribution (e.g., Banano), and it's really interesting to compare/contrast their evolution (in terms of both exchanges and price action) over time.

Having frequented the Nano and Banano communities for years, there are often similar hopium attached to imminent exchange listings (Wen Binance? Wen Coinbase?) with lofty expectations of price increases along with each. However, given that these tokens were initially freely distributed, there is often a DUMP upon exchange listings precisely because so many of the initial holders want to monitize their freely acquired assets.

One would assume, then, that after a listing goes live, there be a period of price depression while initial holders exit and speculators enter. And if free distribution continues, so too will this downward price pressure until the coins end up in the hands of those who didn't get them for free.

Curious others perspectives on these market forces, especially those from the Nano and Banano communities, who have been navigating the economics of freely distributed tokens for years now, and what those perspectives might mean for new tokens (Moons, Bricks) with similar distribution models?