Here's why I consider it a fail, because with various ways that have been done to offer token sales that are considered valid and minimize the risk of scams, in reality there are still more scams. That's why I said that 60% failed. some projects make an innovation with doxxed dev, it turns out that KYC dev can still be manipulated.
That's the problem, no matter how many market phases come, it will always turn into a scam if there's no real utility.
Just choose the projects that could focus on building real utility and long-term value rather than quick hype cycles.
So, it will keep coming for those projects that turn into scams because they already know how it will work to lure people.
But not all are the same turn into a scam.
I think the best rate could be 75% have failed, while others succeed because they have what I mentioned above.