In 2025, trader Didi and Memento Research each examined how airdropped tokens perform after launch, finding that most now trade well below their token generation event prices. Their data shows individual airdrops have frequently dropped over 90%, while 84.7% of 118 new launches this year sit under initial valuations and many suffer drawdowns of 50%–70% or more. Commentators argue that high fully diluted valuations, complex eligibility rules, and Sybil attacks are eroding both token performance and wider enthusiasm for airdrops.