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Most tokens launched in 2025 are trading well below their opening valuations, exhibiting a difficult year for new crypto issuances and sustained pressure on post-TGE performance, according to a public dataset <a href="https://yellow.com/news/coinbase-says-crypto-is-leaving-its-cycle-era-behind-in-2026" rel="noopener noreferrer nofollow">tracking token launches this year.</a>
An <a href="https://x.com/ahboyash/status/2002363360327704834?s=20" rel="noopener noreferrer nofollow">analysis</a> of 118 token generation events (TGEs) by Memento Research shows that 84.7%, or 100 tokens, are currently valued below their initial fully diluted valuation at launch, based on a comparison of opening FDV against current FDV.
Only 18 tokens are trading at or above their launch valuation, highlighting the extent of the drawdown across this year’s issuance cohort.
The data points to broad-based weakness rather than isolated underperformance, with losses spread across sectors, launch sizes, and distribution models.
<h2 id="only-a-handful-of-tokens-outperform-launch-valuations">Only A Handful Of Tokens Outperform Launch Valuations</h2>
Despite the overall decline, a small number of tokens have significantly outperformed their launch valuations.
The strongest performer in the dataset is Aster (<a href="https://yellow.com/asset/aster" rel="noopener noreferrer nofollow">ASTER</a>), which shows a FDV increase of more than 740% relative to its opening valuation.
Yooldo Games (<a href="https://yellow.com/asset/esports" rel="noopener noreferrer nofollow">ESPORTS</a>) follows, with FDV up over 530%, while Humanity (<a href="https://yellow.com/asset/humanity" rel="noopener noreferrer nofollow">HUMANITY</a>) rounds out the top three, posting an increase of more than 320%.
These outperformers stand out sharply against the broader dataset, where gains of this magnitude are rare.
Together, they represent exceptions in a market where most tokens have failed to sustain their initial pricing.
<h2 id="deep-losses-dominate-the-bottom-of-the-table">Deep Losses Dominate The Bottom Of The Table</h2>
At the other end of the spectrum, several high-profile launches have suffered steep declines.
Syndicate (<a href="https://yellow.com/asset/synd" rel="noopener noreferrer nofollow">SYND</a>) ranks as the weakest performer, with FDV down more than 93% from its launch level.
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Animecoin (<a href="https://yellow.com/asset/anime" rel="noopener noreferrer nofollow">ANIME</a>) and Berachain (<a href="https://yellow.com/asset/bera" rel="noopener noreferrer nofollow">BERA</a>) follow closely, each posting FDV declines of more than 93% as well.
The clustering of losses near the bottom suggests that post-launch sell pressure and valuation compression have been persistent rather than episodic, affecting both widely anticipated launches and smaller offerings alike.
<h2 id="fdv-compression-reflects-valuation-reset">FDV Compression Reflects Valuation Reset</h2>
By focusing on fully diluted valuation rather than spot market capitalization, the dataset captures how expectations around future supply and long-term token economics have shifted since launch.
The widespread divergence between starting and current FDV indicates a reassessment of assumptions embedded in TGE pricing.
With new tokens continuing to enter the market throughout the year, the data suggests that supply expansion has outpaced sustained investor demand, contributing to the sharp repricing seen across the majority of launches.
<h2 id="data-highlights-a-challenging-year-for-issuance">Data Highlights A Challenging Year For Issuance</h2>
The findings reinforce how challenging 2025 has been for token issuers and early investors.
With more than four out of five tokens trading below their opening valuation, the dataset points to a market environment where launch pricing has struggled to hold up in secondary markets.
While a small number of tokens have delivered outsized gains, they remain the exception in a year marked by widespread post-TGE underperformance.
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The Great 2025 Token Crash: 100 Out Of 118 Launches In The Red – What Went Wrong?

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