TechFlow, December 20 — According to data shared by Ash of the Memento Research team on social media, the token issuance market performed poorly in 2025. Tracking 118 token TGEs revealed that 84.7% (100 out of 118) of projects currently have a fully diluted valuation (FDV) lower than their initial launch valuation, meaning approximately four out of five projects are trading below their debut valuation.
The data shows that the median token FDV has declined by 71% since issuance, with market capitalization down 67%. Only 15% of projects have achieved positive returns since their TGE. The analyst believes TGEs are no longer early investment opportunities.
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