The relationship between price and trading volume in initial coin offerings

A new form of crowdfunding, Initial Coin Offerings (ICOs), has emerged as a digital fundraising method in early-stage financing. This thesis focuses on the dynamics of ICOs, which stand out due to their simplicity, lack of intermediaries, low costs, and wide investor base compared to traditional financing models. The thesis consists of a conceptual framework for the ICO process and three complementary case studies. The causal relationships between price and volume, which are the most important indicators in financial markets, are examined in both time and frequency domains. Finally, the impact of investor sentiment on price and volume is analyzed, and the overall findings are evaluated.