PANews reported on December 29th that, according to CryptoRank data, 533 public token sales were held in 2025, with only 63 projects currently trading above their offering price, representing 11.82%. Approximately 88.18% of tokens are currently trading below their offering price. While some projects, such as PUMP, raised $600 million and achieved a 2.19x return at its peak, it has now fallen to 0.48x. In the short term, about 58% of tokens saw initial gains of 3-6x, but most failed to maintain this momentum. The most profitable project of the year was MYX, with a peak return of 2103x, and it still maintains a return of over 385x. Overall, the sluggish market and speculative sentiment have driven token investment towards a more short-term approach.