Right.

1 - Initial coins received by developer.
2 - Developer starts wallets #2 through #10 that obtain the coin. Coins are nearly free and only cost processing power.
3 - Others obtain coins.
4 - Developer destroys developer coins.
5 - Confidence is coin grows.
6 - Wallets #2 through #10 make trades with each other. Maybe one goes silent after a bit.
7 - At each new high, or something, a few of the wallets sell some coins.
8 - Repeat over next 20 years.