According to the latest analysis by Ash from Memento Research, the wave of new Token Issuance (Token Generation Events – TGEs) in 2025 is becoming a veritable "bloodbath" for cryptocurrency investors. Data tracking 118 TGEs YTD shows that the majority of Token have experienced extremely negative price movements after listing, clearly reflecting the weakening of market sentiment as well as structural problems in the Capital models of many blockchain projects today.
Specifically, as many as 84.7% of the Token surveyed, equivalent to 100 out of 118 projects, currently have a fully diluted valuation (FDV) lower than their TGE (Total Value Generation) valuation. This means that nearly 4/5 of the Token have failed to maintain or expand their value after market launch. This figure is particularly noteworthy considering that FDV is often pushed very high in the initial issuance round, reflecting high expectations from both the project team and early investment funds.
Furthermore, the median decline in FDV since the TGE reached 71%, while the median market Capital decreased by approximately 67%. This indicates that not only small projects, but even Token that were once heavily promoted, backed by large funds or well-known ecosystems, were not immune to the general downward trend. Conversely, only about 15% of Token had FDV higher than their valuation at the time of the TGE, a percentage too small to create a positive effect on the overall market.
