2025 token launches see 84.7% trade below FDV as high-valuation TGEs leave retail buyers trapped

In 2025, data from Memento Research shows that 118 major token generation events took place and 100 of those tokens, or 84.7%, now trade beneath their opening fully diluted valuations, with the median drawdown at 71%. Analysts link this to a "low float, high FDV" launch model, a liquidity vacuum created by ETF-driven flows into Bitcoin and Ethereum, and a shift in institutional behavior as liquid funds reportedly stopped buying new tokens at TGE over two years ago.