PANews December 29 News, according to CryptoRank data, a total of 533 public token sales were conducted in 2025, with only 63 projects currently trading above the issuance price, accounting for 11.82%. Approximately 88.18% of tokens are currently priced below their issuance price. Although some projects like PUMP have raised $600 million and reached a 2.19x return at their peak, they have now fallen to 0.48x. In the short term, about 58% of tokens experienced opening gains of 3–6 times, but most struggled to sustain these gains over the long term. The most profitable project of the year was MYX, with a maximum return of 2103x, which still remains above 385x. Overall, market downturns and speculative psychology are driving token investments to become more short-term oriented.