2025 token TGE performance is lackluster, with 84.7% of projects below their initial launch valuation

According to Deep Tide TechFlow, on December 20, data released by Ash from the Memento Research team on social media shows that the 2025 token issuance market is performing poorly. By tracking the TGE situations of 118 tokens, it was found that 84.7% (100/118) of projects currently have a fully diluted valuation (FDV) lower than their opening valuation, meaning that about four-fifths of projects are below their initial valuation.

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