According to Memento Research, an analysis of 118 token launches in 2025 shows that 84.7% of projects traded below their launch FDV. Median FDV fell 71%, while median market cap dropped 67% after listing.
The core issue is poor token design: most tokens are allocated to founders and early investors, while initial circulating supply is extremely low. When unlocks hit, sell pressure overwhelms real demand.
At the same time, investor behavior has shifted. Markets are far more cautious, favoring assets with proven history and deep liquidity over new TGEs chasing quick gains.
The takeaway is clear: TGE models need a reset. Projects must rethink pricing and tokenomics, and investors should focus on real demand and execution—not hype or branding.
