A report by Memento Research reveals that 84.7% of tokens launched in 2025 have seen their Fully Diluted Valuation (FDV) fall below their initial Token Generation Event (TGE) valuation. Out of 118 tracked TGEs, approximately four-fifths of tokens are considered unsuccessful post-launch. The median FDV has dropped by 71% since TGE, with market capitalization decreasing by 67%. Only 15% of tokens have an FDV higher than their initial TGE valuation.