#代币估值与上线 The data on new coins breaking out in 2025 is truly astonishing, with 84.7% of projects' FDV falling to the bottom. In other words, 4 out of every 5 new coins have experienced a breakdown, with the median dropping by 71%, which is basically a "large-scale leek-cutting scene."

The worst-performing projects saw declines of over 90%, and former "star projects" like Berachain and Animecoin also couldn't escape, with drops of -93% and -94%, making my scalp tingle. The most outrageous part is that these coins shrank from an issuance of $139 billion to just $54 billion, with an $87 billion "book FDV" evaporating like that—59%.

But it's not all bad; some projects did turn the tide. Aster surged 745%, and Yooldo Games increased by 538%. However, a closer look shows that most of these winners were low-valued projects issued only in the second half of the year. To put it simply, this market is teaching us a lesson: a high open followed by a low close is the norm, while a low open followed by a high close is what survival looks like. Next time you evaluate projects, you need to keep your eyes sharp and not be fooled by stories of high FDV.