The FDV of altcoins is one of the biggest illusions of this cycle — According to Memento Research, out of 118 TGEs this year, 84.7% of new tokens are already trading below their launch price, with only 15% maintaining an upward trend. Most early investors are sitting on significant paper losses. Here’s a scary stat: By 2025, the crypto market will have over 37 million tokens. What does that even mean? For comparison, there are about 60–70 thousand publicly listed companies worldwide, and the number of crypto tokens will be more than 500 times that. But money and attention don’t scale 500x. Every new token dilutes the pricing power of all the existing ones just a little bit. The reality is, most people only pay attention to a dozen or so assets, maybe even just three to five. The remaining tens of millions of tokens? From the moment their TGE ends, they’re already without an audience. In a market like this, the people who make money holding altcoins long-term are almost entirely just survivors of survivorship bias!