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

On December 23, according to statistics from Ash (@ahboyash), among the 118 new coins set for TGE in 2025, 84.7% (100/118) of the tokens have an FDV lower than their FDV at TGE. This means that approximately 4 out of every 5 newly issued tokens currently have an FDV below their issuance valuation. The median FDV of these tokens has fallen by 71% compared to their issuance, with the median market capitalization dropping by 67%. Only 15% of the tokens have seen an increase in FDV compared to their FDV at TGE. At the tail end of performance, there are 15 tokens that have fallen 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 $54 billion currently, which means that approximately $87 billion (59%) of 'paper' FDV has evaporated (this calculation does not include projects that have dropped to zero). There are also those that have performed exceptionally well, most of which are projects issued in the second half of 2025 with lower initial valuations, including Aster (+745%), Yooldo Games (+538%), and Humanity (+323%).