Bio Protocol

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New crypto token launches have faced major price declines in 2025, with 84.7% trading below their Token Generation Event valuations.
Research by Ash from Memento Research <a href="https://x.com/ahboyash/status/2002363360327704834?s=20" rel="noopener noreferrer nofollow">tracked</a> 118 TGE launches this year, finding that 100 tokens have fallen beneath their opening prices.
The median token has crashed 71% in fully diluted valuation since launch, with market cap down 67%. Only 15% of 2025 token launches trade above their TGE valuations.
“2025 token launches have mostly been a bloodbath,” Ash wrote on X. “This means ~4 out of 5 launches are below their opening valuation.”
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<h2 class="wp-block-heading" id="high-profile-cryptos-suffer-90-crashes-from-launch">High-profile cryptos suffer 90%+ crashes from launch</h2>
Syndicate (SYND) leads the destruction with a 93.64% decline from its $940 million starting FDV to $59.8 million.
Animecoin (ANIME) fell 93.59% from $870 million to $55.7 million. Berachain (BERA) dropped 93.17% from $4.46 billion to $305 million.
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 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… <a href="https://t.co/dtCHTvedpZ" rel="noopener noreferrer nofollow">pic.twitter.com/dtCHTvedpZ</a>— Ash (@ahboyash) <a href="https://twitter.com/ahboyash/status/2002363360327704834?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">December 20, 2025</a>
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Bio Protocol (BIO) crashed 93.05% from a $2.06 billion launch to $143 million current FDV. Xterio (XTER) plummeted 92.85% from $420 million to $30 million. Lit Protocol (LITKEY) declined 92.07% from $210 million to $16.7 million.
Yala (YALA) fell 91.61% from $240 million to $20.1 million. Towns (TOWNS) dropped 91.22% from $691.8 million to $60.7 million. Nillion (NIL) crashed 91.21% from $720 million to $63.3 million.
Even tokens that raised from top-tier venture firms suffered double-digit percentage crashes. Mira (MIRA) fell 91.05% from $1.4 billion to $125.4 million. Venice Token (VVV) declined 90.83% from $1.23 billion to $112.4 million.
The data covers both H1 and H2 2025 launches. H1 tokens include Bio Protocol, Xterio, Berachain, and Nillion. H2 tokens include Syndicate, Animecoin, Lit Protocol, Yala, and Towns.
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<h2 class="wp-block-heading" id="venture-backed-tokens-face-longest-drawdowns">Venture-backed tokens face longest drawdowns</h2>
The worst performers launched with nine and ten-figure fully diluted valuations. Falcon Finance (FF) started at $6.7 billion FDV and fell 85.83% to $949.7 million. OG launched at $4.9 billion and dropped 84.42% to $763.6 million.
Plasma (XPL) began at $12.97 billion and crashed 89.93% to $1.31 billion. Anoma (XAN) fell 90.22% from $1.6 billion to $156.2 million. Plume declined 87.84% from $1.3 billion to $158 million.
Lower-cap launches fared no better. Balance (EPT) dropped 90.60% from $170 million to $16 million. Tree (TREE) fell 89.34% from $670 million to $71.4 million. Camp Network (CAMP) declined 89.11% from $637 million to $69.4 million.
“TGE isn’t early anymore reee,” Ash concluded, warning that buying tokens at launch no longer provides edge for retail investors.

New crypto tokens are failing in 2025: 85% below TGE prices

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