A recent CryptoSlate report indicates a significant downturn in the performance of newly launched crypto tokens. According to data from Memento Research, over 80% of tokens launched in 2025 are trading below their initial fully diluted valuations (FDV). The median token has decreased by 71% from its launch price. The report highlights a "low float, high FDV" model as a contributing factor, where projects launch with a small circulating supply but a large total valuation, leading to valuation compression after launch. The approval of Spot ETFs has channeled capital into Bitcoin and Ethereum, impacting demand for riskier altcoins.

A recent CryptoSlate report indicates a significant downturn in the performance of newly launched crypto tokens. According to data from Memento Research, over 80% of tokens launched in 2025 are trading below their initial fully diluted valuations (FDV). The median token has decreased by 71% from its launch price. The report highlights a "low float, high FDV" model as a contributing factor, where projects launch with a small circulating supply but a large total valuation, leading to valuation compression after launch. The approval of Spot ETFs has channeled capital into Bitcoin and Ethereum, impacting demand for riskier altcoins.