A large - scale ICO or IEO with significant market interest can attract a large amount of capital from the existing cryptocurrency market. This can lead to a temporary outflow of funds from established cryptocurrencies, potentially causing their prices to decline. If the new project is successful, it can also create new competition for established projects, forcing them to innovate or improve their services. However, if the new project fails to meet expectations, it can lead to a loss of investor confidence not only in the new project but also in the overall cryptocurrency market, causing a negative impact on the market 行情.