The 2025 tokens experience a significant decline: out of 118 issuances, 100 are in loss. Where is the problem?

Source: Yellow Original Title: The Great Collapse of 2025 Tokens: 100 of 118 Launches in the Red, What Went Wrong?

Original Link: Most tokens launched in 2025 are trading well below their opening valuation, indicating a challenging year for new crypto issuances and sustained pressure on post-TGE performance.

According to Memento Research’s analysis of 118 Token Generation Events (TGEs), 84.7%, or 100 tokens, are currently valued below their initial Fully Diluted Valuation (FDV), comparing opening FDV with current FDV.

Only 18 tokens have trading prices equal to or higher than their issuance valuation, highlighting the significant decline among the token groups launched this year.

The data points to a widespread weakness rather than isolated poor performance, with losses distributed across various sectors, issuance sizes, and distribution models.

Only a Few Tokens Surpass Issuance Valuation

Despite the overall decline, a few tokens have significantly exceeded their issuance valuation.

The best performer in the dataset is Aster (ASTER), whose FDV has increased by over 740% compared to the initial valuation.

Yooldo Games (ESPORTS) follows closely, with an FDV increase of over 530%, and Humanity (HUMANITY) ranks third, with an increase of over 320%.

These outstanding returns stand in stark contrast to the rest of the dataset, where such levels of return are rarely seen.

Overall, they represent exceptions within the market, where most tokens failed to maintain their initial prices.

Deep Losses Dominate the Bottom of the Rankings

At the other end of the spectrum, several well-known issuances suffered severe declines.

Syndicate (SYND) performed the worst, with an FDV more than 93% below its issuance level.

Animecoin (ANIME) and Berachain (BERA) follow closely, each with FDV drops exceeding 93%.

Losses are concentrated near the bottom, indicating that post-issuance selling pressure and valuation compression are ongoing rather than isolated, affecting both highly anticipated and smaller-scale tokens.

FDV Compression Reflects Valuation Reassessment

By focusing on Fully Diluted Valuation rather than spot market cap, the dataset captures how expectations regarding future supply and long-term token economics have changed since issuance.

The wide disparity between initial FDV and current FDV suggests a reassessment of the assumptions embedded in the TGE price.

As new tokens continue to enter the market throughout the year, the data indicates that supply expansion has outpaced sustained investor demand, contributing to the observed strong re-pricing in most issuances.

Data Highlights a Challenging Year in 2025

The results underscore how difficult 2025 has been for token issuers and early investors.

Over four-fifths of tokens are trading below their initial valuation, pointing to a market environment where issuance prices struggle to hold in the secondary market.

While a few tokens have delivered extraordinary returns, they remain exceptions, and the year is marked by generally poor post-TGE performance.