You have to mention also what was the ICO price , not the opening price at exchanges . As far as i remember , ETH never fell under 4X the ICO price .
Yes, LISK has dropped but still trades above ICO price.
If WAVES starts trading at 20x ICO price and drops to 10x ICO price, big deal ...
If WAVES delivers it should be possible. The launch of LISK deterred a lot of investors so they chashed out and ran away.