In 2025, a significant 84.7% of newly launched crypto tokens are trading below their Token Generation Event (TGE) valuations, according to data from Memento Research. Out of 118 TGEs tracked, 100 tokens have underperformed, with the median token experiencing a 71% drop in fully diluted valuation and a 67% decrease in market cap. Notably, high-profile projects such as Syndicate (SYND), Animecoin (ANIME), and Berachain (BERA) have seen their values plummet by over 90%. Even tokens backed by top-tier ventures, like Mira (MIRA) and Venice Token (VVV), have suffered double-digit declines, highlighting the challenging market conditions for new crypto projects this year.