Q2 2026 is shaping up to be the weakest quarter for public token fundraising in the past five years, CryptoRank said, as IEOs, ICOs and IDOs raised just $58 million. That total was down 85% from the previous quarter. May recorded 13 sales, the lowest monthly count since December 2020, adding to signs of a sharp cooling in early-stage token issuance. The figures point to weaker investor appetite for higher-risk fundraising channels such as exchange-led launches, direct coin offerings and decentralized exchange listings.