According to this analyst’s observations, nearly 85% of tokens launched in 2025 have seen their current valuation decline since their TGE. Let’s take a closer look at this failure.
Most TGEs failed in 2025
This year, many projects launched their tokens, but with the bull run largely favoring Bitcoin (BTC), altcoins didn’t really have a say. To highlight this sad state of affairs, Ash Liew, founder of Memento Research, published a Google Sheets document listing the performance of 118 token generation events (TGEs) as of December 20, 2025.
The findings are clear, with 84.75% of the tokens in this table seeing their current valuation fall compared to their launch price.
The worst performer is Syndicate’s SYND, down 93.64%, while DEX Perp’s eponymous ASTER is up 744.56%.
As for other notable statistics, only 18 out of 118 tokens recorded positive performance, while the average performance of the population studied was -33.3% and the median was -71.1%.
Referring to this research, Simon Dedic, founder of Moonrock Capital, commented on the disastrous results of these TGEs. Regarding the high valuations of ASTER, ESPORT, and COAI, he highlights the fact that these BNB Chain projects may see their prices “artificially kept high, while the vast majority of the supply is tightly controlled.” In his article, he criticizes certain tokenomics practices that are still too widespread and do not benefit retail investors:
Stop allocating large amounts of tokens to centralized exchanges, airdrop farmers, short-term investors, and influencers with no long-term conviction. They will sell off massively and move on, and it is extremely difficult to recover from that. […] Low float, high market cap tokenomics, wash trading, and artificial market-making strategies no longer work. The industry is too mature to be fooled by these practices.”
For him, there needs to be a shift in awareness around token launches. While 2025 has not been a prosperous year for altcoins, application developers and all other stakeholders involved in project financing may learn their lesson for the future.
