2025 Token TGE Performance Weak, 84.7% Projects Below Initial Valuation

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On-chain data from Memento Research, shared by team member Ash on December 20, 2025, shows the token issuance market struggled in 2025. Of 118 tracked TGEs, 84.7% (100/118) now trade below their initial valuation. On-chain analysis reveals the median FDV dropped 71% from issuance, with market cap down 67%. Only 15% of projects delivered positive returns since launch. The analyst noted TGEs are no longer early-stage opportunities.
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