On December 23, according to Ash (@ahboyash), of the 118 new tokens launched at TGE in 2025, 84.7% (100/118) have a lower FDV than at TGE. This means that approximately 4 out of every 5 newly issued tokens have a current FDV lower than their valuation at launch. The median FDV of these tokens has fallen by 71% compared to their launch price (median market capitalization has fallen by 67%). Only 15% of the tokens have seen an increase in FDV compared to TGE.
At the bottom of the performance spectrum, 15 tokens fell by more than 90%, including some high-profile projects such as Berachain (-93%), Animecoin (-94%), and Bio Protocol (-93%).
Overall, the total FDV of these tokens has been compressed from $139 billion at the time of listing to $54 billion currently, which means that approximately $87 billion (59%) of the "paper" FDV has evaporated (this calculation does not include projects that have gone to zero).
There are also top performers, most of which are projects launching in the second half of 2025 with low initial valuations, including Aster (+745%), Yooldo Games (+538%), and Humanity (+323%).
