[2025 Token TGE Performance Dismal, 84.7% of Projects Fall Below Initial Valuation] According to a report by Jinse Finance, based on data shared by Memento Research team member Ash on social media, the 2025 token issuance market has performed poorly. By tracking the TGE (Token Generation Event) performance of 118 tokens, it was found that 84.7% (100 out of 118) of projects currently have a fully diluted valuation (FDV) below their opening valuation, meaning approximately four out of five projects are below their initial valuation. The data shows that the median FDV of tokens has dropped 71% compared to their issuance, while market capitalization has fallen by 67%. Only 15% of projects have achieved positive returns compared to their TGE period. The analyst believes that TGEs are no longer an early investment opportunity.