[This year's 118 TGEs have a break-even rate of 84.7%, with a median drop of 71%] Odaily Planet Daily News: Memento Research founder and Signum Capital investment director Ash Liew posted on X, stating that the institution tracked 118 TGEs (Token Generation Events) in 2025 and compared their current FDV with their valuation at issuance. The results show that 84.7% (100 out of 118) of the projects currently have an FDV lower than their valuation at the time of the TGE, meaning that approximately 4 out of 5 projects break below their issuance price after going live. The median drop for those that broke below issuance is a 71% decline in FDV (or a 67% decline when calculated by MC). Only 15% of tokens have increased in value compared to their TGE valuation.