Analysis: In 2025, the token TGE performed poorly, with 84.7% of projects falling below their initial offering valuation.

According to data released on social media by Ash from Memento Research, the token issuance market performed poorly in 2025. Tracking the total initial coin offering (TGE) of 118 tokens, 84.7% (out of 118) of the projects currently have a lower fully diluted valuation (FDV) than their initial offering valuation, meaning that approximately four-fifths of the projects are below their initial valuation. Data shows that the median FDV of tokens has fallen by 71% since issuance, and the market capitalization has fallen by 67%. Only 15% of projects have achieved positive returns compared to their TGE period. The analyst believes that TGE is no longer an early-stage investment opportunity.