In 2025, 84.7% of the 118 tracked token generation events (TGEs) have seen their fully diluted valuations (FDV) fall below their initial launch valuations, according to Ash Liew, founder of Memento Research and head of investment at Signum Capital. The analysis revealed that approximately four out of five projects experienced a price drop post-launch, with a median decline of 71% from their initial valuation. Only 15% of the tokens have maintained an upward trend since their TGE.