Looking at the performance of 2025 token sales, it's clear that only about 12% of projects are still above the issuance price, while the rest are plunging.

The pattern over the past two years has been very obvious——project teams launch with a surge to attract attention, retail investors follow suit and buy in, then the hype quickly cools off, and investors start to cut losses. The entire cycle has become increasingly short—what used to take months can now sometimes be decided in just a few weeks.

Ultimately, token sales have never been a long-term investment story; instead, they have become a pure game of timing. Those who buy the dip and exit at the right moment win. In this environment, research into the project's fundamentals becomes secondary; the key is to find that fleeting liquidity window.