ChainCatcher message, according to data released by Ash from the Memento Research team on social media, the token issuance market in the 2020s performed poorly. By tracking the TGE situation 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, indicating that about four-fifths of the projects are below their initial offering valuation.

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