A recent analysis by TechFlow indicates that the timing of a token's initial launch, or Token Generation Event (TGE), plays a crucial role in its market performance, often surpassing the importance of the project's fundamentals. The study highlights the case of $Pengu, an NFT community MEME token, which launched in December 2023 during a period of high liquidity and outperformed many projects. In contrast, tokens like $BABY and $HUMA, despite having strong technical narratives and venture capital support, faced challenges when launched in the liquidity-scarce period of April to May 2024. The report further emphasizes the impact of market conditions on token success, noting that some projects experience peak performance at launch due to fear of missing out (FOMO), while others, such as $ZORA, achieve success by launching during low liquidity periods and focusing on delivering robust fundamentals.