84.7% of 2025 token TGEs trade below listing price, data shows

The 2025 market for Token Generation Events (TGEs) has shown a sluggish performance, according to an analysis by Ash, an analyst at Memento Research. Of the 118 tokens that conducted a TGE in 2025, 84.7% (100 tokens) now have a Fully Diluted Valuation (FDV) lower than at their initial listing. The data also indicates that the median FDV has dropped by 71% from TGE levels, while the median market capitalization has fallen by 67%. Only 15% of the projects have generated returns since their launch. Ash concluded that TGEs can no longer be viewed as a reliable early investment opportunity.