Fewer people are looking to invest in a project considering the fact that they all tend to dump upon listing. Investors look to make profits not record losses. This trend is the major reason why many projects are finding it difficult to raise money from investors as many are looking to buy after it is listed on an exchange at cheaper prices than the ICO/IEO.
We can say that there are more projects then people in crypto! With so many new projects and old projects people are not sure where to invest their money and to make some profit. After listing prices do drop, some of them hardly, one more big reason why people stay away from investing in early stages.
Looks like there are many reasons why some projects cant reach softcap, I would say that we need fresh blood, new projects should be ready for better marketing, to give more money for that, so they can attract more people, not just in crypto communities.