Now IEO is already unpopular like its predecessor ICO and such. Somehow now investors are not interested and hope to a new project where most of the dead and useless. Bitcoin also dropped to make investors more not to glance crypto for now possible? Or they hold stable coin because now the market is still bad.
This was to be expected, despite the huge amount of money that is moving in this market investors do not have an unlimited amount of money to invest in the markets, they need to obtain profits and if they do not then any investment vehicle is going to lose its popularity really fast.
And that is what it is happening to ieos supposedly they will fix all the problems of icos and all the scams that took place with that form of investing and after some time investors have realized that nothing has really changed and they keep losing as much money as before so they do not have any reason to keep believing in ieos.