Analysis: The performance of the 2025 token TGE is bleak, with 84.7% of projects falling below their initial valuation

According to data released by Ash from the Memento Research team on social media, the token issuance market is performing poorly in 2025. By tracking the TGE status of 118 tokens, it was found that 84.7% (100/118) of the projects currently have a fully diluted valuation (FDV) lower than their opening valuation, meaning that about four out of five projects are below their initial valuation.

The data shows that the median FDV of tokens has dropped by 71% compared to the issuance, and the market capitalization has decreased by 67%. Only 15% of the projects have achieved positive returns compared to the TGE period. The analyst believes that TGE is no longer an early investment opportunity.