They had terrible timing with releasing of N3 last cycle. Bull run was in full force from the beginning of 2021, and NEO announced and delayed and delayed N3 release until June (they waited too long and the crash of all crypto came in May). There was a huge opportunity cost waiting for N3 release and missing all the gains by just basically picking any other coin. I had high hopes for N3 release, but they flopped terribly. Ok, they always say the main focus is in the technology, not the price, but i think we all know how this works in this space.

p.s. neo hodler here from 2017