Who are the "winners"? Who are the "disasters"? Performance rating of TGE under the 2025 atypical bull run.

Author: Stacy Muur

Compiled by: Tim, PANews

How to evaluate the project's TGE performance?

For each token, I examined three aspects:

1. Current price compared to the historical highest price: How much percentage has it retraced from the peak?
2. Time: How long has it been since the historical peak (early projects ≠ completely “stand the test”)
3. Liquidity to Market Capitalization Ratio: Is this real price discovery, or market noise due to insufficient liquidity?

You can understand it as: if you buy at the TGE and do not sell at the highest point, how does your profit and loss situation compare to other tokens of the same level?

Note: This article only represents the author's viewpoint, not the viewpoint of PANews, and is not investment advice.

S-Class: TGE Winner

Avici (AVICI) Unique Tier, S+

Performance: Highest price $5.6, current price $4.3, with only a 20-25% decline.

For new coins, this performance can be described as exemplary: the price is strong, the volatility is low, and although the circulation is small, the turnover rate is considerable.

Interpretation: A typical “winner” characteristic, it has experienced a surge, but unlike most new coins in 2025, the price has not completely fallen back to the starting point. Even now, early investors are still profiting greatly.

YieldBasis (YB)

Performance: Highest price $0.82–$0.94, current price $0.44–$0.56, drop of 45–55%

The historical peak occurred in mid-October 2025, thus belonging to a recent peak; the current token price is still more than twice the lowest point.

Interpretation: For income-generating projects issued in a volatile market, it is quite rare to maintain at least half of the historical high point one month after issuance. These types of tokens fall under the category of “strong performance but have begun to mean revert.”

Sahara Labs AI (SAHARA)

Performance: Highest price $0.16, current price $0.008, has experienced a halving, but still shows a 3-4 times increase compared to the low point.

The project has received support from well-known venture capital firms (such as Pantera, Binance Labs, Polychain, etc.) and has completed large-scale financing; its value discovery is not a Meme-style pullback.

Interpretation: In the current market environment, the price has retraced half from its peak but still maintains a strong trading volume, which is indeed commendable. The price has not collapsed yet and still retains decent liquidity.

Limitless (LMTS)

Performance: According to different data sources, the highest price is between $0.47 and $0.72, with the current price at $0.23, a drop of 50-65%.

The TGE time is very close (late October 2025), and even after experiencing the initial airdrop unlock, the coin price is still maintaining at the midpoint of the range.

Interpretation: Although it has not reached the level of AVICI, compared to the performance of most new coins that have plummeted by 70-90%, the stability of LMTS is sufficient to barely place it at the bottom of S-level or at the forefront of A-level.

Grade A: Strong performance after TGE but with a significant drop.

Lombard(BARD)

Performance: Highest price $1.5–$1.6, current price $0.72–$0.75, a drop of 50–55%, but still a 2-3 times increase compared to the low.

Interpretation: After going live, there was a strong surge, followed by a halving, but it did not fall into a death spiral. For the Bitcoin ecosystem narrative that relies on high leverage, this pullback is considered a tolerable growing pain.

Kaito AI(KAITO)

Performance: Highest price $2.89, current price $0.8-$0.9, decline up to 70%-75%

The current price has risen more than 10 times from the early low point, with ample liquidity, and has been listed on multiple mainstream exchanges.

Interpretation: This is exactly the TGE case of “success but completed value reassessment” that I mentioned: early buyers made a fortune, while later investors faced selling pressure. However, compared to most AI tokens in 2025, this can still be considered a relative winner.

Omnipair (OMFG)

Performance: Highest price $1.83-$1.86, current price $0.45, a decline of 75%

However, it should be noted that the price is on an upward trend compared to the early lows, and the circulation volume ratio is relatively small.

Interpretation: After a strong initial rally, there was a significant pullback, but it has not been abandoned by the community. It performed well, but did not reach top-tier levels.

Umbra(UMBRA)

Performance: Highest price $2.47, current price $0.59-$0.60, decline of 75%

Interpretation: Similar to OMFG: after experiencing excessive hype and value reassessment, it remains active and liquid in the market, representing an upper-middle performance.

Avantis(AVNT)

Performance: Highest price $2.64, current price $0.44-$0.45, drop of up to 80%-83%, but still a 2-fold increase compared to the lowest point.

Derivative DEX tokens, born during extreme speculation frenzy, have now entered the stage of value return.

Interpretation: Although the retracement is painful, it is still within the normal volatility range of derivative DEX tokens. Performance is mediocre but not catastrophic.

OG Labs (0G)

Performance: Highest price $7-7.3, current price $1.2-1.3, drop of up to 80%-83%

Interpretation: A typical high FDV infrastructure project, with fully diluted valuation being overleveraged, the market subsequently undergoes a fierce value re-evaluation. However, it still maintains a considerable market capitalization and trading volume, and has not fallen into a dead chain, falling within the range of A- to B+.

Plasma (XPL)

Performance: Highest price $1.69, current price $0.25-$0.27, decline up to 85%

The trading volume is high, and the market capitalization is large.

Interpretation: Similar to 0G, after a strong launch, it faced a severe revaluation of value. However, compared to many seed label tokens that plummeted by 98% in 2025, it is still considered a “success story.”

B grade: TGE surged and then fell back

Linea.eth(LINEA)

Performance: Highest price $0.046 - $0.05, current price $0.01, drop of 75% - 80%

As a Layer 2 token with a large amount of airdrops, such a pullback is quite normal.

Interpretation: Similar to 0G, it showed strong performance upon launch, followed by a significant revaluation of its value. Likewise, compared to many seed label tokens that plummeted by 98% in 2025, it can still be considered a “success story.”

Story (IP)

Performance: Highest price $14.9, current price $2.9-3, a decline of 80%

Due to strong VC support and IP storytelling, the token still maintains a considerable fully diluted valuation.

Interpretation: The early enthusiasm was unprecedented, followed by a continuous decline. Although it has not fallen into a disastrous level, it is clearly classified as a “high pullback type” project.

Falcon Finance(FF)

Performance: Highest price $0.667, current price $0.14-$0.15, drop of 75%-80%

Public data shows that its daily trading volume remains substantial, with a significant TVL scale.

Interpretation: From the trend, this TGE is successful (early participants have made a profit), but the token price still experienced a 70-80% crash.

Babylon(BABY)

Performance: Highest price $0.165-$0.17, current price $0.023-$0.025, drop up to 85%

Interpretation: As a highly anticipated Bitcoin re-staking concept token, its performance has not met expectations, but it has not yet fallen into the “CORN, NC style death spiral.”

Union(U)

Performance: Highest price $0.023-$0.027, current price $0.004, drop of 80%-85%

Interpretation: The typical trend of medium-cap governance tokens shows a strong launch followed by a slow decline due to unlocking and inflation. U is not an exception among these tokens.

C-level: Poor performance after TGE

Berachain Foundation(BERA)

Performance: Highest price $14.5, current price $1.3, a drop of 90%-91%.

For a Layer 1 that bears the halo of top-tier narratives, carries immense expectations, and holds a high valuation, such performance can be considered a significant failure.

Interpretation: From the perspective of TGE performance, this is a typical example of excessive hype from VC leading to an inflated valuation and eventual value reassessment.

Boundless(ZKC)

Performance: Highest price $1.79, current price $0.15, drop of up to 91%

Interpretation: The trend is exactly the same as BERA, but the brand strength is relatively weak; in terms of price, it is obviously a failed TGE.

Mira(MIRA)

Performance: Highest price $2.35-$2.61, current price $0.18, drop of up to 92%-93%

Interpretation: Similar to ZKC, after a significant rise, it has experienced a deep decline, and now the trend chart has become yet another slope-like curve of a mid-cap token.

Solv Protocol(SOLV)

Performance: Highest price $0.15-$0.25, current price $0.016, with a decline of up to 90%.

Interpretation: Given Solv's qualifications and its claimed ecological scale, the price trend after the TGE is indeed disappointing.

Allora(ALLO)

Performance: Due to different data sources, the highest price is $0.85-1.7, the current price is $0.17-0.18, and the drop in a short period has reached 80%-90%.

Interpretation: This is an accelerated version of the airdrop coin model: after the hype dies down, the price plummets by 80-90% in an instant.

D-Level: TGE Disaster

If these tokens spark heated discussions on the tweet platform, I will list them as “headline-level failure cases” in this list.

Corn(CORN)

Performance: Highest price $13.98, current price $0.07, drop of 99.5%

Interpretation: This is a normal value correction. Unless you sell quickly near the peak, this TGE will become a graveyard for investors.

Nodepay(NC)

Performance: Highest price $0.327, Current price $0.0035, Drop of up to 99%

Interpretation: A typical pattern of sharp rise followed by a decline, where the price nearly collapses after a rapid surge. It is a victim of the “airdrop + points mining” craze.

Manta Network(MANTA)

Performance: Highest price $4.05-$4.08, current price $0.1-$0.11, a drop of 97%

Interpretation: For this project, which carries the L2 narrative and was once a star of the Binance Launchpool, the current performance can be described as brutal. Among the well-known projects on this list, Manta stands out as one of the most prominent examples of “FDV being too high.”

A brief review of mid-tier tokens ###

BABY: A drop of 85% from its historical peak is indeed bad, but it's not unique; I rate it as B because, from the market perspective, it still trades like a legitimate Layer 1, re-staking project rather than degenerating into a dead mining token.

XPL, 0G, AVNT: all experienced price retracements of 80-85%, yet still maintained high trading volumes and market values. If one failed to sell at the peak, the losses would be severe, but in the token issuance environment of 2025, this is almost considered “normal”.

Omnipair, Umbra, BARD, KAITO: These are TGE cases that belong to the “moderate tier” with “acceptable performance”—they experienced a significant surge initially followed by a sharp correction, but still maintain a relatively high market liquidity.