BlockBeats news, December 23, according to statistics by Ash (@ahboyash), among the 118 new tokens with TGE in 2025, 84.7% (100/118) 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 lower than their valuation at issuance. The median FDV of these tokens has dropped by 71% compared to issuance (median market cap down 67%). Only 15% of tokens have seen an increase in FDV relative to TGE.
Among the worst-performing tail, 15 tokens have declined by over 90%, including some high-profile projects such as Berachain (-93%), Animecoin (-94%), and Bio Protocol (-93%).
Overall, the total FDV of this batch of tokens has compressed from $139 billion at listing to the current $54 billion, meaning approximately $87 billion (59%) of “paper” FDV has evaporated (this calculation excludes projects that have gone to zero).
Top performers also exist, mostly projects issued in the second half of 2025 with lower initial valuations, including Aster (+745%), Yooldo Games (+538%), and Humanity (+323%).
