Voting has now closed in Binance’s latest edition of its Coin of the Month competition. In a surprise result, the project team behind GoChain hoovered up almost half of all votes cast and thus qualifies for a free listing on the world’s leading cryptocurrency exchange – generally thought to be worth anything up to $1 million USD.
ICO Interest Dwindling?
The number of votes cast – just under 4000 – also appears to be a historic low for the competition, and perhaps symptomatic of a wider perception that activity and interest surrounding the ICO phenomenon has been dwindling over the last few months.
According to one statistic from Business Insider Intelligence, there have only been three ICOS so far in Q3 of 2018 to surpass the $25m mark in terms of funds raised, the lowest recorded such figure since Q1 of 2017.
However, some analysts interpret the development as signs that the “irrational exuberance” surrounding ICOs has now largely dissipated, with more judicious investors still participating in the markets but adopting a much more prudent – and realistic – approach to the investments they make.