By the standards of successful projects $1 million may not be so much, but now the crypto market is going through not the best times. People have lost part of their savings in the cryptocurrency, or rather many coins depreciated.
That is precisely the point. I remember the prosperous years of 2017-2018, when in half an hour 70 million dollars were collected on ICO. Then for the investor were the best of times. But it was hype time.
Now people just become much more interesting and smarter, that is, they began to understand that there are a lot of scam projects on the market