Market Downturn and Overvaluation Doom MetaDAO's First ICO Project

Market Downturn and Overvaluation Doom MetaDAO's First ICO Project

Last weekend marked the failure of Hurupay, the first ICO project launched on the Solana-based platform MetaDAO. Initiated on February 3, 2026, the project aimed to raise at least $3 million. However, it only managed to secure approximately $2,003,593—just 67% of its target.

MetaDAO officially declared the ICO unsuccessful due to the funding shortfall and has initiated refunds for all participants. Analysts and community members pointed to an unrealistic valuation, unclear team background, and significant changes to the funding terms as the main causes of the failure.

• Overvalued project discouraged investor participation.
• Lack of transparency around the team's credentials.
• Revised funding terms led to a trust deficit.

This outcome serves as a warning for future projects—pricing appropriately and building trust will be crucial, especially in a cooling market.