Most 2025 tokens launched at billion-dollar FDVs. Where are they now? Several tokens launched in 2025 with multi-billion dollar FDVs and relatively low initial float. Months later, both valuation and circulating supply have shifted materially. • TRUMP: −88% FDV since TGE | Supply: 20% → 49.75%. • BERA: −93% FDV | Supply: 12.7% → 30.2%. • PLUME: −93% FDV | Supply: 20% → 51%. • LINEA: −85% FDV | Supply: 22.8% → 34%. A few tokens show relative stability: • ZORA : FDV above launch level • ASTER : valuation broadly stable, limited float expansion In most cases, FDV compression coincided with meaningful float expansion. Tracking circulating supply growth alongside valuation provides clearer context than price alone.(Tokenomist)