ICO/IEO fundraises can boost token prices short-term via speculative hype and liquidity injection. Early investors often sell post-listing, causing volatility. Long-term impacts depend on whether funds drive project development—successful use of proceeds may sustain growth, while mismanagement erodes value. Tighter regulations (e.g., SEC scrutiny) have reduced ICO prevalence, shifting to合规offerings. This has dampened speculative bubbles but also limited early-stage funding, potentially making price systems less volatile yet slower to innovate.