Most token launches in 2025 failed to reward early buyers, with projects that debuted at lower fully diluted valuations (FDV) greatly outperforming their bigger, more hyped rivals, data from Memento Research shows.

The firm tracked 118 token launches in 2025 and found that more than 84% are now trading below their token generation event (TGE) valuations, with a median loss of more than 70%. Only 18 tokens are still in the green, while the rest have suffered substantial losses since launch.

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