Analysts from Memento Research analyzed 118 token generation events (TGE) since the beginning of the year and recorded massive declines. According to their data, 84.7% of assets are trading below their initial valuation.
Two-thirds of the tokens in the sample lost more than 50% of their value, and 38% currently have a market capitalization that is 70–90% lower than their initial value. This range is referred to by the authors as the "token graveyard zone" (highlighted in red on the chart). The authors rely on data from aggregators CoinGecko and CoinMarketCap, their own calculations, and data from public blockchains, with prices recorded as of December 20, 2025.
Especially weak performances were observed in large TGEs with inflated initial valuations. Of the 28 launches with an initial valuation (fully diluted value, FDV) of $1 billion, none have turned a profit. The median decline was about 81%.
