The ICO market slowed down significantly in April, just as the prices of the top cryptocurrencies bounced back from four-month lows. Several token sales were put on hold in April after ICOs held in March raised less than hoped. However, if the first week of May is anything to go by, the ICO boom is back.
Yesterday the Daostack ICO apparently sold out in 66 seconds. Daostack, which has been billed as the WordPress of the blockchain, is building a collective governance layer to help decentralised organizations make decisions effectively. The ICO raised $30 million during the pre-sale and main sale.
.@daostack ico sold out in 66 seconds… look out for another winner!
— Ran NeuNer (@cryptomanran) May 8, 2018
Investors Missing Out
Merculet’s token sale, which was held on Friday last week, sold out in 2 minutes. During those two minutes, the ICO raised 9,800 ETH, or roughly $7.3 million, from 6,000 contributors. With a whitelist of over 20,000 people, many would-be investors were left out.
Bezant, an Asia based platform connecting influencers, creators and e-commerce merchants, raised $16.8 million in less than an hour during its pre-sale. The sale, which was held on Monday, was reportedly 7.5 times oversubscribed.
As we reported here, Atonomi had to reschedule its whitelisting process after an initial rush of investors overwhelmed its server. When the whitelist reopened, the Telegram channel added over 2000 members per day – which is a substantial number when there is no airdrop involved.
All indications are that investor demand for ICOs is as strong as ever and perhaps even growing. This has prompted several projects which had been put on hold, to re-announce dates for their tokens sales.
However, whether the eventual total raised in May reaches the levels seen between December and February is likely to depend on the number of tokens sales coming to the market, rather than on investor demand.