PANews December 20 news, Memento Research founder and Signum Capital investment director Ash Liew posted on X that the agency tracked 118 TGE (Token Generation Events) in 2025 and compared their current FDV with their valuation at issuance. The results showed that 84.7% (100 / 118) of the projects currently have an FDV lower than the valuation at TGE, which means that about 4 out of 5 projects will face a drop after going live; the median drop is 71% (67% when calculated by MC) compared to the issuance valuation; only 15% of tokens are still in an upward trend compared to TGE.