The issuance of tokens in the 2025 era has almost become a "bloodbath."
Author: Ash
Translation: Deep Tide 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, with the following results:
84.7% (100 out of 118) of the current valuations are lower than the valuations at TGE;
This means that about 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 67%);
Only 15% of tokens have remained "green" (i.e., above the issuance valuation) after TGE.
Nowadays, participating in TGE is no longer considered "early investment," which is truly lamentable.
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