It’s definitely possible that the price could dump. I think IEO’s are a slightly different game than ICOs in terms of who’s buying and why they’re buying in.

It’s going to come down to utility. Can the team behind an IEO give their token enough utility to make it worth hodling? Certain tokens have that value already - STEEM, for example, is encouraging to hold because of the upvote power, RCs, passive return on investment, etc.

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