#代币估值与机制 New coins falling below issue price have become the norm in 2025. Look at this data—it's hard to stay composed: among 118 TGE new coins, 84.7% of projects' FDV fell below the issue price, meaning 4 out of every 5 coins crashed. The median directly dropped 71%, with 87 billion dollars of "book value" FDV simply evaporating.

The most absurd part is those projects with declines exceeding 90%—Berachain, Animecoin, and other formerly hot picks are now plummeting one after another. The entire market was hammered down from 139 billion dollars in FDV to 540 billion.

That said, well-performing projects do exist. Aster surged 745%, and Yooldo Games more than quintupled. These projects share one common trait—they were all launched in the latter half of the year with relatively low initial valuations.

So the current logic is crystal clear: early projects with inflated valuations tend to crash, but if a project has a relatively rational valuation and well-designed token release mechanics, there's actually an opportunity later. This shows the market is gradually maturing, overvalued projects are being eliminated, and only projects with genuine fundamentals can survive.