The Great 2025 Token Crash: 100 Out Of 118 Launches In The Red – What Went Wrong?

Most tokens launched in 2025 are trading well below their opening valuations, exhibiting a difficult year for new crypto issuances and sustained pressure on post-TGE performance, according to a public dataset tracking token launches this year.

An analysis of 118 token generation events (TGEs) by Memento Research shows that 84.7%, or 100 tokens, are currently valued below their initial fully diluted valuation at launch, based on a comparison of opening FDV against current FDV.

Only 18 tokens are trading at or above their launch valuation, highlighting the extent of the drawdown across this year’s issuance cohort.

The data points to broad-based weakness rather than isolated underperformance, with losses spread across sectors, launch sizes, and distribution models.

Only A Handful Of Tokens Outperform Launch Valuations

Despite the overall decline, a small number of tokens have significantly outperformed their launch valuations.

The strongest performer in the dataset is Aster (ASTER), which shows a FDV increase of more than 740% relative to its opening valuation.

Yooldo Games (ESPORTS) follows, with FDV up over 530%, while Humanity (HUMANITY) rounds out the top three, posting an increase of more than 320%.

These outperformers stand out sharply against the broader dataset, where gains of this magnitude are rare.

Together, they represent exceptions in a market where most tokens have failed to sustain their initial pricing.

Deep Losses Dominate The Bottom Of The Table

At the other end of the spectrum, several high-profile launches have suffered steep declines.

Syndicate (SYND) ranks as the weakest performer, with FDV down more than 93% from its launch level.

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Animecoin (ANIME) and Berachain (BERA) follow closely, each posting FDV declines of more than 93% as well.

The clustering of losses near the bottom #FOMCWatch