The IDO bubble burst probably started with the first depegging on Kaito. Initially, only small projects experienced depegging upon launch. Until Zama launched, even projects with high funding and strong backgrounds depegged immediately after going live. It’s easy to associate that project teams, under this market condition, must have taken the money and run to enjoy life rather than using the funds to manipulate the market or work diligently, ultimately leaving investors with worthless tokens.