New coin issuance in 2025 faces a "bloodbath": over 85% of tokens fall below TGE valuation, and VC projects are also hard to escape.

The year 2025 is set to become the “winter year” for encryption token issuance. Data shows that newly issued encryption tokens this year have generally suffered heavy losses, with over 85% of token prices falling below their valuations at the token generation event (TGE), causing significant unrealized losses for many early participants.

According to statistics from Memento Research researcher Ash, a total of 118 projects completed TGE in 2025, of which as many as 100 tokens are currently priced below their issuance price, accounting for as much as 84.7%. Overall, the median fully diluted valuation (FDV) of new tokens after issuance has fallen by about 71% compared to the TGE, with the median market capitalization declining by about 67%. Only about 15% of tokens have genuinely outperformed their issuance valuations, indicating that “peak upon listing” has become a common phenomenon.

Several highly关注的 projects have fallen by more than 90%. For example, Syndicate (SYND) saw its market cap plummet from an initial FDV of about $940 million to less than $60 million; projects like Animecoin (ANIME), Berachain (BERA), Bio Protocol (BIO), and Xterio (XTER) also experienced market cap declines of over 90%. Even with popular narratives or ecological halos, these tokens could not escape the fate of a rapid valuation correction.

It is worth noting that a venture capital background has not become a “safety net.” Tokens that have received support from top VCs have also experienced double-digit or even more than 90% falls. Projects like Falcon Finance, Plasma, and Anoma were valued at several billion or even tens of billions of dollars at their token generation events, but have continuously declined after listing, indicating that the high valuation issuance is facing systematic correction in the market.

Ash pointed out that the core of the problem lies in the fact that TGE no longer represents the “early stage”. With the private placement rounds being priced in advance, the unlocking rhythm becoming complex, and insufficient liquidity, new coins face a huge risk of selling pressure in the secondary market. For retail investors, the logic of “participating in TGE to profit” is becoming invalid.

Overall, the cryptocurrency token market in 2025 is re-evaluating the issuance model characterized by high FDV, strong marketing, and weak implementation. For investors focused on the performance of new token issuances in 2025, TGE valuation risks, venture capital token retracements, and structural adjustments in the cryptocurrency market, a prudent assessment of token economic models and unlocking structures has become an unavoidable key issue.