Now a days ICO tokens rates are lower than the ICO rates in after Exchange launch.
Ex : Initial ICO Token Rate is $1 but when ICO tokens listed in Exchange @ rate of $0.50 to $0.70 .
What may be the reason for this ?
probably the first thing that causes the price to fall is the investor and the campaign participant dump the token when listed in exchanges. investors get a bonus and they sell it early, the same thing will done campaign participants, therefore the price of tokens can fall.
In part because of the bonny and airdrop projects, they give away a free coin of 5-10% of the total supply, and when exchanging free coin the commune can also kill coin prices.