I figured something like this would happen

But in truth, we're seeing "ICO exhaustion." The ICO pyramiders got burned in WAVES and learned a somber lesson about pyramiding.
Myself, it seems the only way I can play the game is by holding for the long-term. Shoulda done that with NEM....
This. I think at this point it is "ICO exhaustion". WAVES and RISE were the latest losers for lambo dreamers. ICO's glory days are not gone as people will continue to create and some of them will be winners.