POPA ReconPublic Token Sales: A Four-Year Retrospective
Public Token Sales: A Four-Year Retrospective Q2 2026 just closed as the weakest quarter for public token sales in four years — only 47 IDO/ICO/IEOs raising a combined $40M. That's -95.3% in capital and -90.5% in sale count from the cycle peak. The four-year arc tells the story: • 2022–23 bottom: $49–166M per quarter, the post-FTX desert • Q1'24 breakout: $416M as the market woke up • Q1'25 peak: $849M across 428 sales - the top of the cycle • Q3'25 echo: $816M, but with nearly half the deal count (223) - fewer, bigger sales • 2026 slide: $374M → $40M in two quarters, deal count collapsing f…
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