Statistics: In 2025, the new coin "fall below the issue price" will become the norm, with only 15% of projects having an FDV higher than during the TGE period.

According to BlockBeats news on December 23, as reported by Ash (@ahboyash), among the 118 new coins for the TGE in 2025, 84.7% (100/118) of the tokens have a FDV lower than their FDV at the time of TGE. This means that roughly 4 out of every 5 newly issued tokens currently have a FDV lower than their issuance valuation. The median FDV of these tokens has fallen by 71% compared to their issuance, with a median market capitalization drop of 67%. Only 15% of the tokens have seen an increase in FDV compared to their FDV at TGE. At the bottom of the performance spectrum, 15 tokens have fallen by over 90%, including some notable projects such as Berachain (-93%), Animecoin (-94%), and Bio Protocol (-93%). Overall, the total FDV of this batch of tokens has been compressed from $139 billion at listing to currently $54 billion, meaning approximately $87 billion (59%) of “paper” FDV has evaporated (this calculation excludes projects that have dropped to zero). There are also high performers, mostly projects issued in the second half of 2025 with lower initial valuations, including Aster (+745%), Yooldo Games (+538%), and Humanity (+323%).