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Table 2 Cross table between dependent and independent variables

From: Initial coin offerings (ICOs): Why do they succeed?

 

Capital raised in USD

Soft-cap achieved

Below/equal median

%

Above median

%

No

%

Yes

%

Project variables

Whitepaper: team disclosed

No

141

33

83

19

158

37

66

15

Yes

84

20

120

28

101

24

103

24

Whitepaper: technical

No

208

49

136

32

229

54

115

27

Yes

17

4

67

16

30

7

54

13

Whitepaper: word count

Below

136

32

78

18

151

35

63

15

Above

89

21

125

29

108

25

106

25

Restricted countries median

Below

112

26

108

25

126

29

94

22

Above

113

26

95

22

133

31

75

18

Region: North America

No

196

46

188

44

228

53

156

36

Yes

29

7

15

4

31

7

13

3

Region: Asia–Pacific

No

172

40

150

35

195

46

127

30

Yes

53

12

53

12

64

15

42

10

Region: Europe

No

115

27

94

22

130

30

79

18

Yes

110

26

109

25

129

30

90

21

Campaign variables

Pre-sales

No

100

23

96

22

113

26

83

19

Yes

125

29

107

25

146

34

86

20

Bonus scheme

No

139

32

97

23

150

35

86

20

Yes

86

20

106

25

109

25

83

19

Token price median

Below

112

26

102

24

132

31

82

19

Above

113

26

101

24

127

30

87

20

BTC price median

< USD 1000

0

0

1

0

0

0

1

0

USD 1000–USD 5000

26

6

52

12

30

7

48

11

> USD 5000

199

46

150

35

229

54

120

28

ETH price median

< USD 100

0

0

1

0

0

0

1

0

USD 100–USD 200

58

14

19

4

63

15

14

3

> USD 200

167

39

183

43

196

46

154

36

CCY accepted median

Below

152

36

132

31

173

40

111

26

Above

73

17

71

17

86

20

58

14

Social network variables

Twitter active campaign

No

113

26

64

15

131

31

46

11

Yes

112

26

139

32

128

30

123

29

Twitter followers median

Below

146

34

68

16

164

38

50

12

Above

79

18

135

32

95

22

119

28

Twitter number of tweets

Below

143

33

72

17

159

37

56

13

Above

82

19

131

31

100

23

113

26

Github account

No

125

29

83

19

138

32

70

16

Yes

100

23

120

28

121

28

99

23

Github code prior ICO

No

159

37

113

26

176

41

96

22

Yes

66

15

90

21

83

19

73

17

Website active on May, 2020

No

117

27

73

17

134

31

56

13

Yes

108

25

130

30

125

29

113

26

Team variables

Team members median

Below

138

32

77

18

149

35

66

15

Above

87

20

126

29

110

26

103

24

Advisors median

Below

142

33

103

24

155

36

90

21

Above

83

19

100

23

104

24

79

18

LinkedIn connections median

Below

134

31

80

19

148

35

66

15

Above

91

21

123

29

111

26

103

24

Total

225

53

203

47

259

61

169

39

 

Hard-cap achieved

Existence of a secondary market

No

%

Yes

%

No

%

Yes

%

Project variables

Whitepaper: team disclosed

No

192

45

32

7

185

43

39

9

Yes

175

41

29

7

167

39

37

9

Whitepaper: technical

No

306

71

38

9

298

70

46

11

Yes

61

14

23

5

54

13

30

7

Whitepaper: word count

Below

190

44

24

6

183

43

31

7

Above

177

41

37

9

169

39

45

11

Restricted countries median

Below

183

43

37

9

168

39

52

12

Above

184

43

24

6

184

43

24

6

Region: North America

No

329

77

55

13

318

74

66

15

Yes

38

9

6

1

34

8

10

2

Region: Asia–Pacific

No

278

65

44

10

265

62

57

13

Yes

89

21

17

4

87

20

19

4

Region: Europe

No

179

42

30

7

174

41

35

8

Yes

188

44

31

7

178

42

41

10

Campaign variables

Pre-sales

No

153

36

43

10

146

34

50

12

Yes

214

50

18

4

206

48

26

6

Bonus scheme

No

194

45

42

10

186

43

50

12

Yes

173

40

19

4

166

39

26

6

Token price median

Below

190

44

24

6

180

42

34

8

Above

177

41

37

9

172

40

42

10

BTC price median

< USD 1000

0

0

1

0

1

0

0

0

USD 1000–USD 5000

54

13

24

6

39

9

39

9

> USD 5000

313

73

36

8

312

73

37

9

ETH price median

< USD 100

0

0

1

0

1

0

0

0

USD 100–USD 200

72

17

5

1

71

17

6

1

> USD 200

295

69

55

13

280

65

70

16

CCY accepted median

Below

239

56

45

11

228

53

56

13

Above

128

30

16

4

124

29

20

5

Social network variables

Twitter active campaign

No

162

38

15

4

153

36

24

6

Yes

205

48

46

11

199

46

52

12

Twitter followers median

Below

195

46

19

4

194

45

20

5

Above

172

40

42

10

158

37

56

13

Twitter number of tweets

Below

196

46

19

4

192

45

23

5

Above

171

40

42

10

160

37

53

12

Github account

No

182

43

26

6

172

40

36

8

Yes

185

43

35

8

180

42

40

9

Github code prior ICO

No

238

56

34

8

229

54

43

10

Yes

129

30

27

6

123

29

33

8

Website active on May, 2020

No

167

39

23

5

170

40

20

5

Yes

200

47

38

9

182

43

56

13

Team variables

Team members median

Below

186

43

29

7

177

41

38

9

Above

181

42

32

7

175

41

38

9

Advisors median

Below

204

48

41

10

197

46

48

11

Above

163

38

20

5

155

36

28

7

LinkedIn connections median

Below

180

42

34

8

178

42

36

8

Above

187

44

27

6

174

41

40

9

Total

367

86

61

14

352

82

76

18