Author: Stacy Muur
Compiled by: Tim, PANews
How to Evaluate a Project's TGE Performance?
For each token, I examined three aspects:
- Current price compared to historical peak price: How much has it retraced from the high?
- Time: How long has it been since the historical peak? (Early projects ≠ completely "stand the test")
- Liquidity to market cap ratio: Is this real price discovery, or market noise due to lack of liquidity?
You can think of it this way: If you bought at TGE and did not sell at the peak, how does your profit and loss situation compare to other tokens of the same level?
Note: This article only represents the author's views, not PANews' views, and is not investment advice.
S Level: TGE Winners
Avici (AVICI) Unique, S+
Performance: Peak price $5.6, current price $4.3, only a 20-25% drop
For a new coin, this performance is exemplary: strong price, small volatility, low circulation but considerable turnover rate.
Interpretation: A typical "winner" characteristic, it experienced a surge, but unlike most new coins in 2025, the price has not completely retraced to the starting point. Even now, early investors are still making substantial profits.
YieldBasis (YB)
Performance: Peak price $0.82–0.94, current price $0.44–0.56, drop of 45–55%
The historical peak occurred in mid-October 2025, so it belongs to a recent peak; the current token price is still more than double the lowest point.
Interpretation: For yield projects issued in a volatile market, maintaining half of the historical peak one month after issuance is indeed rare. This type of token falls into the "strong performance but has begun mean reversion" category.
Sahara Labs AI (SAHARA)
Performance: Peak price $0.16, current price $0.008, experienced a halving, but still has a 3-4x increase compared to the low point
The project has received support from well-known venture capital (Pantera, Binance Labs, Polychain, etc.) and completed large-scale financing, so its value discovery is not a meme-style retracement.
Interpretation: In the current market environment, a price drop of half from the high while still maintaining strong trading volume is indeed commendable. The price has not collapsed and still maintains good liquidity.
Limitless (LMTS)
Performance: According to different data sources, peak price is between $0.47–0.72, current price $0.23, drop of 50–65%
TGE timing is very close (late October 2025), and even after the initial airdrop unlock, the coin price currently remains in the median range.
Interpretation: Although it has not reached the level of AVICI, compared to most new coins that have plummeted 70-90%, LMTS's stability is enough to barely place it at the bottom of S level or the front of A level.
A Level: Strong Performance After TGE but Larger Drops
Lombard (BARD)
Performance: Peak price $1.5–1.6, current price $0.72–0.75, drop of 50–55%, but still has a 2-3x increase compared to the low point
Interpretation: Strong rise after launch, followed by a halving, but did not fall into a death spiral. For a Bitcoin ecosystem narrative that relies on high leverage, this kind of retracement is still bearable.
Kaito AI (KAITO)
Performance: Peak price $2.89, current price $0.8-0.9, drop of 70%-75%
The current price is still more than 10 times higher than the early low point, with ample liquidity, and has been listed on multiple mainstream exchanges.
Interpretation: This is what I call a "successful but has completed value reassessment" TGE case: early buyers made a fortune, while later investors faced selling pressure. However, compared to most AI tokens in 2025, this can still be considered a relative winner.
Omnipair (OMFG)
Performance: Peak price $1.83-1.86, current price $0.45, drop of 75%
But it should be noted that the price is on an upward trend compared to the early low point, and the circulation ratio is relatively small.
Interpretation: After an initial strong rise, it experienced a significant retracement, but has not been abandoned by the community. It performed well, but did not reach top-tier levels.
Umbra (UMBRA)
Performance: Peak price $2.47, current price $0.59-0.6, drop of 75%
Interpretation: Similar to OMFG: experienced excessive speculation and value reassessment, but remains active and liquid in the market, falling into the mid-to-upper performance range.
Avantis (AVNT)
Performance: Peak price $2.64, current price $0.44-0.45, drop of 80%-83%, but still has a 2x increase compared to the lowest point
A derivatives DEX token, born in an extreme speculative frenzy, now has entered a value return phase.
Interpretation: Although the retracement is painful, it is still within the normal volatility range for derivatives DEX tokens. The performance is mediocre but not catastrophic.
OG Labs (0G)
Performance: Peak price $7-7.3, current price $1.2-1.3, drop of 80%-83%
Interpretation: A typical high FDV infrastructure project, fully diluted valuation was over-leveraged, and the market subsequently underwent a fierce value reassessment. However, it still maintains a considerable market cap and trading volume, not yet falling into a dead chain, falling within the A- to B+ range.
Plasma (XPL)
Performance: Peak price $1.69, current price $0.25-0.27, drop of 85%
High trading volume, large market cap
Interpretation: Similar to 0G, after a strong launch, it faced a severe value reassessment. However, compared to many seed label tokens that plummeted 98% in 2025, it can still be considered a "successful case."
B Level: High After TGE Followed by Retracement
Linea.eth (LINEA)
Performance: Peak price $0.046-$0.05, current price $0.01, drop of 75%-80%
As a Layer 2 token with a massive airdrop volume, such a retracement is quite normal.
Interpretation: Similar to 0G, it performed strongly upon launch, followed by a significant value reassessment. Likewise, compared to many seed label tokens that plummeted 98% in 2025, it can still be considered a "successful case."
Story (IP)
Performance: Peak price $14.9, current price $2.9-3, drop of 80%
Due to strong VC support and IP narrative, the token still maintains a considerable fully diluted valuation.
Interpretation: Early enthusiasm was unprecedented, followed by a continuous decline. Although it has not fallen into catastrophic levels, it is clearly categorized as a "high followed by a drop" project.
Falcon Finance (FF)
Performance: Peak price $0.667, current price $0.14-0.15, drop of 75%-80%
Public data shows that its daily trading volume remains large, with a considerable TVL scale.
Interpretation: From the trend, this TGE appears successful (early participants made profits), but the token price still experienced a 70-80% crash.
Babylon (BABY)
Performance: Peak price $0.165-0.17, current price $0.023-0.025, drop of 85%
Interpretation: As a highly anticipated Bitcoin re-staking concept token, its performance, while not meeting expectations, has not fallen into the "CORN, NC-style death spiral."
Union (U)
Performance: Peak price $0.023-0.027, current price $0.004, drop of 80%-85%
Interpretation: A typical trend for mid-market governance tokens, it experienced a strong launch followed by slow decline due to unlocking and inflation. U is not an exception among such tokens.
C Level: Poor Performance After TGE
Berachain Foundation (BERA)
Performance: Peak price $14.5, current price $1.3, drop of 90%-91%
For a Layer 1 token with a top-tier narrative, carrying huge expectations and high valuation, such performance can be considered a major failure.
Interpretation: From the perspective of TGE performance, this is a typical example of VC overhype leading to inflated valuations and eventual value reassessment.
Boundless (ZKC)
Performance: Peak price $1.79, current price $0.15, drop of 91%
Interpretation: Similar trend to BERA but with weaker brand strength; in terms of price, it is clearly a failed TGE.
Mira (MIRA)
Performance: Peak price $2.35-2.61, current price $0.18, drop of 92%-93%
Interpretation: Similar to ZKC, after a significant rise, it has deeply declined, and the current chart has become another mid-market token curve resembling a ski slope.
Solv Protocol (SOLV)
Performance: Peak price $0.15-0.25, current price $0.016, drop of 90%
Interpretation: Given Solv's credentials and its claimed ecosystem scale, the price trend after TGE is indeed disappointing.
Allora (ALLO)
Performance: Due to different data sources, peak price $0.85-1.7, current price $0.17-0.18, short-term drop of 80%-90%
Interpretation: This is an accelerated version of the airdrop coin model: after the hype subsides, the price instantly plummets by 80-90%.
D Level: TGE Disaster
If these tokens spark heated discussions on social media platforms, I would list them as "headline-level failure cases" in this list.
Corn (CORN)
Performance: Peak price $13.98, current price $0.07, drop of 99.5%
Interpretation: This is a normal value return; unless you quickly sold near the peak, this TGE will become a graveyard for investors.
Nodepay (NC)
Performance: Peak price $0.327, current price $0.0035, drop of 99%
Interpretation: A typical high followed by a drop pattern, after a rapid surge, the price nearly collapsed completely. A victim of the "airdrop + points mining" craze.
Manta Network (MANTA)
Performance: Peak price $4.05-4.08, current price $0.1-0.11, drop of 97%
Interpretation: For this project, which carries the L2 narrative and was once a Binance Launchpool star, the current performance is indeed tragic. Among the well-known projects on this list, Manta is one of the most prominent examples of "FDV too high."
Brief Comments on Mid-Tier Tokens
BABY: A drop of 85% from the historical peak is indeed poor, but not an exception; I place it in B level because, from the market perspective, it still trades like a legitimate Layer 1, re-staking project rather than becoming a dead mining token.
XPL, 0G, AVNT: All experienced 80-85% price retracements but still maintained high trading volume and market cap. If one failed to sell at the peak, the losses would be severe, but in the token issuance environment of 2025, this is almost considered "normal."
Omnipair, Umbra, BARD, KAITO: These belong to the mid-tier "acceptable performance" TGE cases—after a significant initial surge, they experienced sharp corrections but still maintained relatively high market liquidity.
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