New crypto tokens are failing in 2025: 85% below TGE prices

New crypto token launches have faced major price declines in 2025, with 84.7% trading below their Token Generation Event valuations.

Research by Ash from Memento Research tracked 118 TGE launches this year, finding that 100 tokens have fallen beneath their opening prices.

The median token has crashed 71% in fully diluted valuation since launch, with market cap down 67%. Only 15% of 2025 token launches trade above their TGE valuations.

“2025 token launches have mostly been a bloodbath,” Ash wrote on X. “This means ~4 out of 5 launches are below their opening valuation.”

High-profile cryptos suffer 90%+ crashes from launch

Syndicate (SYND) leads the destruction with a 93.64% decline from its $940 million starting FDV to $59.8 million.

Animecoin (ANIME) fell 93.59% from $870 million to $55.7 million. Berachain (BERA) dropped 93.17% from $4.46 billion to $305 million.

Bio Protocol (BIO) crashed 93.05% from a $2.06 billion launch to $143 million current FDV. Xterio (XTER) plummeted 92.85% from $420 million to $30 million. Lit Protocol (LITKEY) declined 92.07% from $210 million to $16.7 million.

Yala (YALA) fell 91.61% from $240 million to $20.1 million. Towns (TOWNS) dropped 91.22% from $691.8 million to $60.7 million. Nillion (NIL) crashed 91.21% from $720 million to $63.3 million.

Even tokens that raised from top-tier venture firms suffered double-digit percentage crashes. Mira (MIRA) fell 91.05% from $1.4 billion to $125.4 million. Venice Token (VVV) declined 90.83% from $1.23 billion to $112.4 million.

The data covers both H1 and H2 2025 launches. H1 tokens include Bio Protocol, Xterio, Berachain, and Nillion. H2 tokens include Syndicate, Animecoin, Lit Protocol, Yala, and Towns.

Venture-backed tokens face longest drawdowns

The worst performers launched with nine and ten-figure fully diluted valuations. Falcon Finance (FF) started at $6.7 billion FDV and fell 85.83% to $949.7 million. OG launched at $4.9 billion and dropped 84.42% to $763.6 million.

Plasma (XPL) began at $12.97 billion and crashed 89.93% to $1.31 billion. Anoma (XAN) fell 90.22% from $1.6 billion to $156.2 million. Plume declined 87.84% from $1.3 billion to $158 million.

Lower-cap launches fared no better. Balance (EPT) dropped 90.60% from $170 million to $16 million. Tree (TREE) fell 89.34% from $670 million to $71.4 million. Camp Network (CAMP) declined 89.11% from $637 million to $69.4 million.

“TGE isn’t early anymore reee,” Ash concluded, warning that buying tokens at launch no longer provides edge for retail investors.