This just came to my mind today as ive never think about it before, since bullrun happened in 2017 and ICO became popular and successful in that year too aren't you guy curious how IEO projects would have performed if bullrun was ongoing? IEO became popular after bull market of 2017 right? The reason why ICO was so profitable in 2017 was because of the altcoin season don't you think? What about IEO in altcoin season? We are yet to see this
IEO is only for gaining trust in investors. The price of a token or coin after listing on an exchange depends on investors and developers. If during the IEO the token does not sell, then after listing on the exchange it will suffer the same fate. I think this kind of token is difficult to developing.