Data: In 2025, over 80% of TGE tokens fell below the issue price, and 28 tokens with valuations over 1 billion dollars failed to achieve positive returns.

According to Mars Finance, data from Memento Research shows that in 2025, 84.7% of Tokens are valued below their TGE valuation; 65% of Tokens have fallen over 50% compared to TGE, and 38.1% of Tokens have seen declines of 70% to 90%; among 28 Tokens with an initial market capitalization greater than 1 billion dollars, none achieved positive returns. Analysis indicates that the TGE in 2025 typically signals the peak for most projects, with the price discovery process having already begun before the TGE. If you buy in at the project launch, you are essentially searching for rare undervalued projects, while the median outcome is a price drop of about 70%.