85% of tokens launched in 2025 have plummeted below the initial price - ForkLog: cryptocurrencies, AI, singularity, the future

# 85% of tokens launched in 2025 have fallen below the initial price

The vast majority of token sales conducted in 2025 have resulted in losses for investors. This was pointed out by DeFi researcher known as Edgy.

85% of token launches in 2025 are underwater.

VC-backed deals barely break even, and some are deep in the red.

In the past, having a “Top VC” on the cap table was a huge catalyst, but not anymore. This chart from Galaxy Research tells the story.

In Q2 2022, crypto VCs… pic.twitter.com/HAdlXAYccA

— Edgy — The DeFi Edge 🗡️ (@thedefiedge) February 17, 2026

Almost 85% of tokens are now trading below their launch price. Many venture deals are barely breaking even or are deep in the red, the expert noted.

The old formula for success — having a major venture capital firm among investors — has stopped working. In the second quarter of 2022, crypto startups attracted nearly $17 billion with over 80 new funds emerging. Back then, players invested in any projects mentioning cryptocurrencies.

Now, the situation has changed:

• Venture investment returns have been declining since 2022;
• The number of new funds has reached a five-year low;
• The total funds raised in the last quarter amounted to only 12% of the figures from Q2 2022.

From October to November 2025, venture capitalists invested $8.5 billion — an 84% increase compared to the previous quarter. However, Edgy does not consider this “fresh” capital. According to him, market participants are investing “old” funds.

“The total investment volume from 2023 to 2025 is roughly equal to the amount raised in just 2022. The usual scheme of ‘raising a round, launching a token, and dumping it on retail investors’ is becoming a thing of the past,” he added.

The expert also sees a positive side: as the influence of venture capital wanes, projects with real users and actual revenue are coming to the forefront. This means more fair token launches, fewer insider dumps, and fewer new blockchains.

Earlier, similar conclusions were shared by Memento Research. The specialists analyzed 118 TGEs that took place in 2025. “In the red” were 84.7% of them. Nearly 40% of the coins plummeted by 70-90%.

Source: Memento Research. Recall that CoinGecko recorded a record “death rate” of tokens in 2025. Over 11.6 million coins failed during the year.