Perhaps the popularity of ICO is already passing. The price of the token after listing is often lower than the price of the token at the ICO stage. IEO is a new tool in the field of cryptocurrency where tokens immediately receive a certain value in contrast to ICO.
IEO price can drop similarly. Look at Veriblock project with start IEO price of 2k sats. And IEO was performed by not the worst exchange Bittrex)
And what we see now with VBK? the price is near 300 sats. Drop is more than 80% !