ICOs See Their Worst Week of 2018

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After raising billions and after selling $6 billion worth of eth just this year, with some of it seemingly going towards such innovative things like private jets, football clubs and patches of land, it appears ICOs have now slowed down quite a bit.

That’s according to ICObox, which tracks fundraisings while also offering ICO management services. Conal Campbell from ICObox told Trustnodes at the end of August:

“Last week was the worst week for collecting funds via ICOs since the beginning of 2018, with a total of only $14.8 million collected. Only four startups out of the 36 that completed their initial coin offerings decided to publish information on the final amount collected.

Nearly half of the total amount, $6 million, was collected by the Fondocoin project, which was the leader for the week. It is a centralized exchange that allows backers to quickly, securely, and advantageously trade in cryptocurrencies.

This mass secrecy when it comes to the amount of funds collected is explained, first and foremost, by the fact that the projects simply did not collect the minimum required amount (soft cap).

However, it is not quite correct to talk about the complete crash of the ICO market last week. For example, the Bytemine project collected around $38.5 million during its token presale, i.e. 2.5 times more than all completed projects put together. Considering that the platform is continuing its presale, these figures are sure to grow.”

By last week she means from the 20th to the 27th of August, during a period when eth’s price remains at its lows of around $270 to $290.

That may suggest no one wants to spend their eth any longer, although ICOs do keep selling them, with ◊28,709 sold during the past seven days according to data by Santiment. While today Digix Global has sent some ◊54,000 to Gemini.

Around one billion dollars worth of eth is still being held by ICOs, with ◊15,000-◊20,000 sold daily on average. That’s on top of the daily ◊20,000 eth for miners.

The current low price, however, might have reduced selling supply, but some ICOs might not care much about the price. As they say, easy come, easy go.

Copyrights Trustnodes.com

 

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