[richardknop]

Yes, perhaps. I think most people who "invest" in ICOs follow this logic:

1) Get into the ICO race and be quicker than others so you get tokens. There is always massive demand to participate in ICOs so most people aren't quick enough to get their transactions in.

2) Wait until the new worthless token is listed on some speculative exchange which allows trading of these tokens (Poloniex). In the meantime hype the token on social media like Reddit to increase FOMO. Once it's listed those people that didn't get into ICO will rush in to buy tokens as they anticipate the price to go up by 10x.

3) The ICO investors cash out their coins from this initial spike of new money rushing in after listing on exchange.

4) Rinse and repeat.