#代币估值与机制 The new coins launched in 2025 are already becoming the norm for breaking out of their initial prices. Looking at this data, it's hard to ignore—out of 118 TGE new coins, 84.7% of projects have their FDV fall below the issuance price, which means 4 out of every 5 coins are breaking out. The median has dropped by 71%, and the "book value" FDV of $87 billion has evaporated.

The most outrageous are projects that have lost over 90%, like Berachain, Animecoin, and other once-hot contenders. Now, the entire market's FDV has been crushed from $1.39 trillion to just $54 billion.

That said, there are also projects performing well—Aster has increased by 745%, and Yooldo Games has more than quintupled. These projects share a common trait—they were mostly issued in the second half of the year, with relatively low initial valuations.

So, the logic is now quite clear: early overvaluation often leads to breakouts, but if a project’s valuation is relatively rational and the issuance mechanism is well-designed, there’s a chance for growth later on. This also indicates that the market is gradually maturing; overvalued projects are being phased out, and only those with solid fundamentals will survive.