Token launches are failing at record levels.
At EthCC, 21Shares researcher Darius Moukhtarzade said the problem is the “low supply, high valuation” model used in 2024–2025. Prices get pumped early due to low circulating supply, then big token unlocks create heavy selling that retail can’t absorb — leading to a price crash.
For 2026, he suggests:
Start with 20%+ circulating supply
Launch only after real product-market fit and user growth
Build stronger value capture for the token