As a rule, most blockchain- projects that have collected tens of millions of dollars for ICO, issue tokens on the exchange without real production growth.
What does it mean?
This is not new and I believe it only started because of the bear market. And this is also the reason why many projects shifted to IEOs and I was suprised that it succeed and made investing in startups alive again. Even the not so popular exchanges that lauched their IEOs have made their IEO price stable after listing and it did not go below than that.