Wu Shuo has learned that, according to Memento Research team Ash, the 2025 new coin TGE is actually a slaughter. Among the 118 new coin TGEs tracked this year, 84.7% (100/118) of the tokens have an FDV lower than their valuation at TGE, meaning approximately 4/5 of the tokens fail after listing; the median FDV has decreased by 71% since TGE (or MC has decreased by 67%); only 15% of tokens have an FDV higher than their valuation at TGE.

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