Apart from the internal factors of the project, market conditions also greatly influenced the development of the coin.
When we are in a bull market so many projects are easy to succeed here their coins are sold out - in exchange - boom.
However, when the market is in a bear market, it will actually complicate the development of the coin even though it has large funds, because most of the trading community or cryptocurrency will judge the success rate of the coin from its high price or can survive in extreme markets but currently only a few projects who can survive in that situation.
Revenue from token sales at the time of sale does not guarantee the success of a project. There were many new tokens that appeared in early 2021, which made the meme token the star of the market at that time. Likewise with the P2E hype because of the axie, there are also many P2E tokens that get large funds, but still fail after several months of running. this is enough to prove that it's not just token sales and large amount that affect the future of a project, but the seriousness of the development team. If they are not serious, then they are likely to fail, because their target is money for themselves not for project development.
My favourite p2e project is Engine. It has various features including an arcade, NFT marketplace, VR rooms, AR services and a native token. With all that, I strongly believe it won't fail after several months of running.