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This year's token sale market report is in. According to data, a total of 533 public token sales were launched in 2025, which is indeed a significant scale. However, there is a sobering figure—only 63 projects (about 12%) are trading above their issuance price.
In other words, most tokens have either broken below their launch price or continued to decline after listing. The largest fundraising project, PUMP, raised $600 million and once surged to 2.19 times the issuance price, appearing to be very successful. But now, it has fallen below the IDO price, with ROI shrinking to 0.48 times. There are many similar cases—MON's current ROI is about 0.93 times, and XPL is even worse, at only 0.47 times.
This reflects a reality: the token sale market this year is a mixed bag, and investors need to be more cautious in evaluating project quality.
PUMP dropped from 2x to 0.48x, hilarious, only raised $600 million and this is it?
I've been saying it, this year's IDO is just a vampire feast
With such a high break-even rate, does anyone still dare to chase new projects... truly brave warriors
The birthplace of the breakdown king indeed
PUMP dropped from 2.19 times to 0.48, how many people must have been bottom-fishing...
PUMP dropped from 2.19x to 0.48x, hilarious, this is the "wind gap"
The breaking wave is coming, time to wake up
More than five hundred projects, most of them dead, I really can't keep up
It's that time of year again, the leek harvesting season
Damn, got cut again, next time I definitely won't chase highs
What does this data indicate? Most likely it's just IQ tax
Wait, is PUMP really that bad? I thought it could turn around
Breaking below the price has become the norm, for sure, one wrong choice and it's gone
Again and again, I will never learn
88% of projects are breaking below the price, this is what you call "venture capital"
PUMP dropped from 2.19x to 0.48, hilarious, is this what you call "unlimited glory"?
Will the wave of de-listings continue? I really can't hold on anymore
More and more "King of Pump" projects, now joining IDO is no different from gambling
The breaking kings are now all experts in negative returns
PUMP dropped from 2.19x to 0.48x, my wallet mourns for three seconds
Honestly, this market is just a playground for big players to cut leeks, retail investors are still dreaming
Out of 533 projects, only 63 are alive, the math is clear, everyone
Another year of "Featured Projects," another year of total collapse, the套路 is exactly the same
XPL at 0.47x, friends are still holding on saying it will rebound, I smile silently
This is why I now spend an hour reading whitepapers, tired of being scammed again
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PUMP dropped from 2.19x to 0.48x, I've seen this happen too many times
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It's that time of year again for rug pulls, wake up everyone
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12% survival rate, worse than startups...
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With such a harsh ROI shrinkage, it’s time to beware of those big financing players
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Mixed bag? This is pure cutthroat, stop packaging it
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So many projects are breaking below the offering price, and some still go all in, impressive
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Every year we talk about "screening project quality," but it's the same pitfalls every year
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A project like PUMP raised 600 million and still broke below the offering price, truly remarkable
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533 sales events, 63 held their ground... Once I saw this data, I knew the answer
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Is it time to reach the "learn to recognize people" level?