The second quarter of 2026 saw a significant downturn in public token sales, with projects raising just $58 million through ICOs, IEOs, and IDOs. This represents an 85% decline from the previous quarter.
The number of public sales also dropped by 65%, falling from 105 to 37. May 2026 was the weakest month since December 2020, with only 13 token sales.
Compared to the peak of the bear crypto cycle in Q1 2025, when there were 429 public sales totaling $849 million, the current trend is a significant decline, funding has shrunk more than 14 times since then.