Post-TGE Performance: 85% of 2025 Tokens Trade Below Initial FDV, Median Valuations Plummet 71%

A December 23 report by Ash found that 84.7% of 118 tokens launched via TGEs in 2025 are trading below their initial FDVs. Median FDV has fallen 71% and median market cap 67%, wiping out about $87 billion from a combined $139 billion at launch. Fifteen tokens, including Berachain, Animecoin, and Bio Protocol, are down over 90%, while only about 15%—mostly smaller launches from late 2025—have posted FDV gains.