Great read. Don't most modern IPOs follow this exact same pattern?
A quick, utterly non-conclusive glance at some of this year's IPOs seem to highlight the same behavior. Mulesoft and Canada Goose all highlight a same mild correction shortly after IPO. This likely aligns with your conclusion that some early investors are just taking money off the table and enjoying their early gains.
Thanks @somethingsubtle.
I think you have made a great point. I have also spend some time looking into IPOs, and I came away with the same conclusion. In that way it was part of the basis for my hypothesis regarding the ICOs. Thanks for your input :)