<p>Initial Coin Offerings (ICOs) have emerged as a prevalent financing approach for blockchain initiatives. However, a significant portion of ICOs struggle to secure sufficient funds, primarily due to the limited channels to draw investor attention. While previous research indicates that social media could serve as a promising medium to disseminate information to investors, its specific role in influencing the fundraising performance of ICOs has received limited attention. This study aims to address this research gap by answering the “whether” and “how” questions related to the impact of social media use on fundraising performance in ICOs. Our findings reveal that simply adopting social media does not directly result in improved subsequent fundraising outcomes. Instead, our analysis suggests an intricate relationship between the level of activeness on social media and fundraising performance, characterized by an inverted U-shaped pattern. Specifically, a moderate degree of social media activeness correlates positively with fundraising success, while excessive activity on social media can diminish the positive effects on fundraising results, suggesting a nuanced balance in leveraging social media for ICO promotion. This empirical finding enriches the current understanding of signal frequency in signaling theory and offers significant guidance for ICO fundraising by highlighting the pivotal role of managing social media use.</p>