PANews reported on December 20th that Ash Liew, founder of Memento Research and head of investment at Signum Capital, published an article on X stating that the firm tracked 118 token generation events (TGEs) in 2025 and compared their current FDV with their valuation at launch. The results showed that 84.7% (100/118) of the projects have a current FDV lower than their TGE valuation, meaning that approximately 4 out of 5 projects will experience a price drop after launch; the median price drop is 71% lower than the launch valuation (67% lower in MC terms); only 15% of the tokens are still showing an increase compared to their TGE.