Of the 118 tokens launched in 2025, 100 (84.7%) are trading below their initial valuations. This observation was made by a researcher using the pseudonym Ash.
2025 token launches have mostly been a bloodbath
Tracked 118 TGE launches this year and compared today’s FDV vs opening:
• 84.7% (100/118) are below TGE valuation
• This means ~4 out of 5 launches are below their opening valuation
• Median token is -71% FDV (-67% MC) from… pic.twitter.com/dtCHTvedpZ— Ash (@ahboyash) December 20, 2025
The user compiled a table comparing current FDV and market capitalisation with their initial figures.
The average decline in fully diluted value was 71%, while market valuation dropped by 67%.
“TGE is no longer an early stage [for a project], hooray!” Ash quips.
The most unsuccessful launches include:
- SYND (-93.6% in FDV);
- BERA (-93.5%);
- ANIME (-93.1%).
The most successful tokens were:
- ASTER (+744%);
- ESPORTS (+537%);
- H (+323%).
In comments under the post, community members pointed to the end of the era of successful TGEs. Many noted that failures are mainly due to the lack of token utility and “inflated” valuations.
“Previously, TGE was a starting point, now it’s an exit,” added one user.
Earlier in December, the token of the AI network Bittensor plummeted by 8% following its first halving.