TGE 2025: Listed — and Then Down

A quick look at the data paints a largely bearish picture:
118 projects have conducted TGE in 2025
100 out of 118 are currently trading below their listing price
Average FDV drawdown: ~71%

Reality check:
The strategy of buying pre-TGE and holding long-term has become largely ineffective in the current market environment.
In this context, 2025 increasingly resembles a liquidity exit cycle for project teams rather than a profit cycle for investors. Early liquidity is being released aggressively, while secondary market demand struggles to absorb supply.

This reinforces the importance of timing, structure, and post-listing price action, rather than narrative-driven participation before TGE.