During the 2017 cryptocurrency boom, a huge batch of new players decided to be involved in the market with initial coin offerings. However, amid the market hype, the Boston College Carroll School of management conducted a study with a sample size of over 4000 ICOs revealed that around 56% of the crypto startups vanish after raising money through the initial token sales which further leads to a substantial decline in value for investors who decide to possessed their coins for more than 60 days.

The two researchers involved—Leonard Kostovetsky and Hugo Benedetti explicitly pointed out that only around 44.2% of the new ICO startups survived for more than 4 months after the initial launch. This phenomena results in less ICO projects able to establish and survive in the depressed market despite the excess number of development teams which aim to capitalized the quick riches from last year cryptocurrency boom. The findings of the pair are based on the careful analysis on the relationship between the numbers of Twitter user in the official cryptocurrency account and the market capitalisation of the particular coin.