One can only guess, but based on what's posted on the Telegraph website, many of these investors are not only new to trading but new to business. They say so in their posts so you can read them yourself. Due to much anticipation, excitement, and an escalating share price, these new investors got scared when the ICO start date shifted. Then once the price declined, this further escalated panic and many more sold. But they are getting back in after finding their error. Check the posts on Telegram.
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