Author: Ash
Compiled by: Shenchao TechFlow
We tracked 118 token generation events (TGE) released in 2025 and compared the current fully diluted valuation (FDV) with the valuation at the time of issuance. The results are as follows:
84.7% (100 out of 118) of the current valuations are lower than the valuations at the time of TGE;
This means that approximately 4 out of 5 newly issued tokens have valuations below their issuance levels;
The median fully diluted valuation (FDV) of tokens has dropped by 71% since issuance (market cap down by 67%);
Only 15% of tokens maintained a 'green' status (i.e., above their issuance valuation) after the TGE.
Now, participating in TGE is no longer considered 'early investment', which is truly lamentable.
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