Each company wants $$$$ to get going and the only way to get it is sell the NEM you raise
The XEM market is way, way too weedy to cope with a wave of ICOs, but of course ICOs drive volume too. It depends though. If there are varying currencies involved there's no reason for anyone to choose XEM over a more liquid one so it'll be squashed flat over and over again.
But why would anyone buy XEM to invest some ICO's if you can use your BTC or ETH for that?
Only thing which we really need is Catapult and some actual news about NEM nor Comsa or other stuff. Comsa imo will maybe have some positive effects if they really get things rolling, but if they'll sell 14 miljoona usd worth of NEM the price will crash and cause massive panic selling.