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In 2025, the token TGE performed poorly, with 84.7% of projects falling below their initial offering valuation.

according to data released on social media by Ash from the Memento Research team, the token issuance market performed poorly in 2025. By tracking the TGE situation of 118 tokens, it was found that 84.7% (100/118) of projects currently have a fully diluted valuation (FDV) lower than their opening valuation, meaning about four-fifths of the projects are below their initial valuation.

Data shows that the median FDV of tokens dropped 71% compared to issuance, and market capitalization fell 67%. Only 15% of projects achieved positive returns compared to the TGE period. The analyst believes that TGE is no longer an early investment opportunity.

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