According to this analyst’s observations, nearly 85% of tokens launched in 2025 have seen their current valuation decline since their TGE. A closer look at this failure.
Most TGEs failed in 2025
This year, many projects launched their tokens, but since the bull run largely favored Bitcoin (BTC), altcoins didn’t really have a say in the matter. To highlight this dismal outcome, Ash Liew, the founder of Memento Research, published a Google Sheet detailing the performance of 118 token generation events (TGEs) as of December 20, 2025.
The findings are clear-cut, as 84.75% of the tokens in this table have seen their current value drop compared to their launch price.
Thus, the worst performer is Syndicate’s SYND, down 93.64%, while the ASTER token from the eponymous DEX Perp has risen by 744.56%.
As for other notable statistics, only 18 out of 118 tokens have recorded positive performance, while the average performance of the sample is -33.3% and the median stands at -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 tokens like ASTER, ESPORT, and COAI, he highlights that these BNB Chain projects may see their prices “artificially propped up, 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 quantities of tokens to centralized exchanges, airdrop farmers, short-term investors, and influencers with no long-term conviction. They will sell en masse and move on, and it is extremely difficult to recover from that. […] Tokenomics with low float and high market cap, wash trading, and artificial market-making strategies no longer work. The sector is too mature to be fooled by these practices.
In his view, there needs to be a shift in awareness regarding token launches. While 2025 was not a prosperous year for altcoins, application developers and all other stakeholders involved in project financing may learn from this lesson in the future.
