That might be true but only if you look at the projects that has been listed in the last 1-2 months, since that time we are in a bear market and the projects that took the biggest hits are low cap ones that might have a great idea but are often far away from having a working prototype, let alone finished product. These kind of projects, an example would by Cindicator, make it typically directly to an exchange like Binance. When you look a bit further in time you will see that things were quite different then, just look at Oyster Protocol when it was listed on Kucoin, it went through the roof. That is not just one example, it is also reflected in the price development of Kucoin shares. They went up faster compared to Binance Coin in December while there was a Bull Market, but have been under much more pressure since we are in the Bear Market. Also the entire ICO market has changed. While it was achievable to hit a 3-5x return for good ICO´s in December, you can be lucky if you double your initial investment. Given the fact of course that you did your due diligence and research. Many recent projects that launched came out flat or are trading below ICO price. Of course the sheer amount of ICO´s currently makes it eve harder for quality projects to stand out from the masses. Also that contributes to the current development.