The table is uncomfortable to look at because it exposes something the market tried to ignore. Across almost every 2025 token launch, valuations have collapsed by 80–94%. This isn’t a temporary dip or bad timing; it’s a structural repricing. When nearly an entire cohort of new tokens suffers the same fate, the problem isn’t individual projects it’s the model that brought them to market.
Most of these tokens launched with fully diluted valuations that assumed future success as a given. Hundreds of millions, sometimes billions, were priced in before real users, revenue, or sustained demand existed. Those numbers were driven more by private round benchmarks and narrative hype than by fundamentals, and the public market eventually rejected them.
What makes this more revealing is that many of these tokens still trade actively. Volume hasn’t disappeared; belief has. Liquidity remains, but at much lower prices, meaning the market is still engaged while firmly refusing to accept launch valuations. This is not abandonment it’s correction.
The idea that a high FDV signals quality has quietly died here. Strong teams, big backers, and popular sectors didn’t prevent deep drawdowns. Valuation became a marketing tool rather than a reflection of value, and once price discovery began, those inflated expectations collapsed under their own weight.
For retail participants, this table confirms a hard truth. Being early in a token launch often meant being early to absorb risk, not early to capture upside. The structure favored private capital entering at deep discounts, while public buyers paid peak expectations. When unlocks met reality, price adjusted accordingly.
Narratives offered no immunity. AI, gaming, infrastructure, security, and RWA all appear on this list, all suffering similar outcomes. Attention can create momentum, but it cannot override the absence of proven usage, sustainable demand, or clear economic value. In the end, fundamentals still decide.
The real lesson isn’t pessimism it’s evolution. The market is forcing a shift toward more honest pricing, clearer value delivery, and better alignment between builders and buyers. Launch first, prove later no longer works. This table isn’t a failure report; it’s a signal that the rules have changed.
