Exactly this, but a combination of factors killed the price. Slow progress + unfulfilled promises + overhyped ICO + lack of experience in managing a community.
Someone tell them good quality microphone and romantic background music only helps if there is solid development work going on. Who knows maybe solid development is going on but market perception is they are still looking for devs with no updates from current development team. Investors wont touch this coin until they believe there is a solid team behind this project.
They are trying to copy communication style of TenX but missing a point that TenX already has its product on apple Store and Google play. Also Developers vLog is 1000 times more effective than useless weekly review.
Enigma & Cindicator has done their ICO after Monetha and they are now coming up with their first release next week. They were working on product and hired devs way before ICO.
Perception is the key in Crypto and i am sorry to say Monetha has become Hero to Zero in under 3 weeks.
This all may sound bit harsh but that's the market sentiment about Monetha currently. And if monetha believes in continuously evolving they should take this feedback in a positive way.