ChainThink report, according to data from Memento Research, 84.7% of tokens in 2025 were trading below their TGE valuation; 65% of tokens had declined by over 50% from TGE, and 38.1% experienced drawdowns between 70% and 90%; among the 28 tokens with initial market caps exceeding $1 billion, none achieved positive returns.

Analysis indicates that TGE in 2025 typically signals the peak for most projects, as price discovery has already commenced prior to TGE. Purchasing at launch essentially means targeting rare undervalued projects, with the median outcome being a price decline of approximately 70%.