Why crypto’s new token issuances are falling flat and what comes next

New crypto tokens overwhelmingly lost value in 2025 as early liquidity, weak utility and misaligned distribution collided with a risk-averse market. What to know : About 85% of tokens launched in 2025 are trading below their initial valuations, with the median token down more than 70%, according to Memento Research. Broad exchange-led distribution and airdrops flooded the market with short-term traders, creating persistent selling pressure and weak alignment with product usage. Regulatory uncertainty and thin token utility left many new assets without a clear long-term value proposition in a market dominated by bitcoin outperformance.