What happened to the crypto market? Among the 118 Virtual Money issued in 2025, 85% fell below the issue price.

The cryptocurrency “Initial Token Offering” (TGE), once regarded as a shortcut to wealth, officially shattered its myth in 2025. According to data from Memento Research analyst Ash, the vast majority of new tokens have performed extremely poorly after their listing this year, making it an almost endless bloodbath for secondary market investors.

Shanzhai coins are no longer a path to wealth, as data reveals that 4 out of 5 tokens are losing money.

The research report tracked 118 major Token Generation Events (TGE) in 2025, comparing the fully diluted valuation (FDV) at the opening and the current valuation, and the results are shocking:

High rate of breaking: Up to 84.7% (100/118) tokens are currently priced below their valuation at listing.

High probability of loss: This means that for every 5 new coins listed, about 4 will result in losses for investors.

Stunning decline: The median performance of new coins in 2025 shows a 71% drop in FDV and a 67% drop in market capitalization.

Few Survivors: Only 15% of tokens are currently priced above their listing price.

Market Peak at Launch: Structural Shift in Investment Logic of the Crypto Market

Analyst Ash sarcastically stated in the report: “The TGE is no longer in the early stages, haha.”

The market structure in 2025 underwent a fundamental change. In the past, retail participation in TGE was seen as early investment, but now TGE is more like an exit party for early venture capital (VC). Reports indicate that many high-profile projects such as Berachain (BERA) and Animecoin (ANIME) have seen declines of over 90%. These Tokens often had extremely high and inflated FDV at listing, resulting in a lack of upward potential in the Secondary Market, leaving only sell-off pressure.

What happened to the Crypto Assets market? Among the 118 virtual coins issued in 2025, 85% have broken their issuance price. This was first reported by Chain News ABMedia.