Statistics: New Tokens in 2025 Commonly Fall Below Issue Price, Only 15% of Projects Have FDV Higher Than at TGE

BlockBeats news, on December 23, according to statistics from Ash (@ahboyash), among the 118 new tokens with TGE in 2025, 84.7% (100/118) have a FDV lower than at the time of TGE. This means that for every 5 newly issued tokens, about 4 currently have a FDV below their initial valuation at issuance. The median FDV of these tokens has dropped by 71% compared to the time of issuance (the median market cap has dropped by 67%). Only 15% of the tokens have seen an increase in FDV compared to the time of TGE.

Among the worst performers, there are 15 tokens that have dropped by more than 90%, including some high-profile projects such as Berachain (-93%), Animecoin (-94%), and Bio Protocol (-93%).

Overall, the total FDV of this batch of tokens has shrunk from $139 billion at listing to the current $54 billion, which means that about $87 billion (59%) of the "on-paper" FDV has evaporated (this calculation does not include projects that have gone to zero).

There are also outstanding performers, most of which were issued in the second half of 2025 with relatively low initial valuations, including Aster (+745%), Yooldo Games (+538%), and Humanity (+323%).