I really think these IEO thing is only good for the top exchanges and these is because they have the liquidity and the traders to pump a coin after listing, which is why their IEO projects are usually successful.
But the smaller exchange don't have the same and their IEO success rate is no way near the top exchanges. Maybe 2 out of 10 IEOs conducted on the small exchanges would succeed, while top exchanges boast of a success rate of like 9 out of 10.
If that's the case then traders simply speculate and manipulate prices for quick profits not because they see that IEOs have good projects and their coins or tokens are worth having.
So that it can be said that IEOs are only for the short term then investors should be careful about this because they will stuck in price speculation from whale.