The numbers are brutal. Only 8 out of 113 altcoins launched since 2024 that still hold a market cap above $100 million are trading above their token generation event (TGE) price. That's 7.1%. The median return for the whole group? Negative 95.7%.
New data from CryptoRank and a December 2024 report by Memento Research paint a grim picture for recent token launches. Memento found that 84.7% of tokens that launched in 2025 — 100 out of 118 — were trading below their listing price. Median project valuations collapsed 71% from launch. CryptoRank's Q2 2025 recap shows 82.1% of the top 100 assets fell in June, with every major token category posting median losses.
Only 8 of 113 altcoins in the green
The list of winners is short. Hyperliquid (HYPE) leads with a 1,519% gain since its November 2024 airdrop. It's now the tenth-largest cryptocurrency by market cap at $13.7 billion, trading near $61.52 — about 20% below its June 2025 record of $76.70. HYPE's success comes from its perpetuals exchange, which earns real fees that fund token buybacks. Spot HYPE ETFs started trading in May 2025.
Ondo (ONDO) is 101.4% above its launch price, but still 81% below its December 2024 peak of $2.14. EverValue Coin (EVA) gained 20.3% and Midnight Network (NIGHT) gained 16.5%. CryptoRank didn't name the other four profitable tokens.
Inflated prices and unlock schedules
Why are so many tokens bleeding? Two main reasons: inflated launch prices and scheduled token unlocks that keep adding supply. Worldcoin (WLD) is down 97% from its peak, even with a pending Grayscale ETF filing. The data only counts tokens still worth over $100 million — thousands of smaller launches failed and weren't even tracked.
Hyperliquid's 1,519% run stands alone
HYPE is the clear outlier. Its perpetuals exchange generates real revenue, and the token buyback mechanism creates actual demand. The launch of spot HYPE ETFs in May added another layer of legitimacy. But even HYPE is 20% off its all-time high. For the rest, the story is mostly losses.
The next question is whether the market can absorb the constant supply from unlock schedules, or if the trend of inflated launch prices will correct. So far, the data says no.
