Data: Nearly 85% of the 118 token issuances TGE this year broke below their issuance price; can we still make money with new tokens?

According to statistics, in 2025, 84.7% of the 118 TGE events broke below their issuance price, with a median decline of 71%. Capital is flowing towards Bitcoin and Ethereum; has the new token strategy failed? (Background: Aster, Lighter... fierce competitors besieging, the siege war of Hyperliquid) (Additional background: market share has dropped from 80% to 20%, what happened to Hyperliquid?) The year 2025 is coming to an end, and the primary market for cryptocurrencies has been surprisingly cold during this period. According to Memento Research's statistics on December 20, in this year’s 118 token generation events (TGE), 84.7% of new tokens opened below their issuance price, with only 15% sustaining an increase. It has likely been a tough year for airdrop hunters who have long relied on 'new token investments' for profit. Breaking below the issuance price has become the norm, and capital concentration has increased. Statistics show that the median decline in the fully diluted valuation (FDV) of these 118 projects reached 71%, and the overall market value has shrunk nearly 67% this year. In other words, most early investors hold tokens that are deeply in the red. Grayscale's observations indicate that since 2024, $87 billion has flowed into Bitcoin spot ETFs, continuing to flow into larger market cap and stable liquidity cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) in 2025, making it difficult for new tokens to share in this wave of institutional funds. Liquidity tightening and defects in token economics Aside from the capital flowing into mainstream cryptocurrency ETFs, many projects this year have designs that favor short-term unlocks, with teams and early investors continuing to sell off, creating price pressure. The CFA Institute recommends that investors adopt a five-step fair value framework to assess protocol revenue, user retention, and token use, rather than just looking at community enthusiasm. On the other hand, the performance of altcoin strategy funds launched this year has also been hindered, with some hedge funds showing a return rate of -23% from the beginning of the year to now, indicating that strategies heavily invested in new tokens are being countered by the market. If investors want to survive in the next cycle, it is imperative to focus on token economics and on-chain fundamental data. Related reports How to trade US stocks with 100x contracts on Perp DEX? The crypto market has entered a bear market; let's see what major things mainstream Perp DEXs have been working on recently? "Data: Nearly 85% of the 118 token issuances TGE this year broke below their issuance price; can we still make money with new tokens?" This article was first published on BlockTempo (the most influential blockchain news media).