## The Exposure of the 2025 New Coin Issuance Disaster: Token Economy Design Flaws as the Culprit

**Market Data Pierces the Bubble**

According to the latest statistics from Memento Research, the new coin issuance market has experienced a "glacial period" this year. Among the 118 tracked token launches, over a quarter of investors are suffering from value depreciation — specifically, 84.7% of new coins have fallen below their initial valuation after listing. At the median level, the fully diluted market cap of these projects has dropped by 71% since issuance, with a market cap shrinkage of 67%. Only 15% of the tokens have successfully maintained above the TGE price, reflecting the market’s harsh evaluation of new projects.

**Layered Collapse: No Exceptions from Super Projects to Mid-Scale Coins**

The most severe cases appear among high-valuation projects. Syndicate (SYND), with an initial FDV of $940 million, has fallen to $59.8 million, a decline of 93.6%. The same tragedy is replayed in projects once highly anticipated: Animecoin (ANIME) now has a fully diluted market cap of $74.75 million, down about 93% from issuance; Berachain (BERA) experienced a similar level of sell-off.

This massive shrinkage is not limited to top-tier projects. Medium-sized projects like Bio Protocol, Xterio, Lit Protocol, Yala, and Towns have FDV declines ranging from 91% to 93%. Even tokens with relatively good trading volume — such as SuperVerse (current valuation $213.6 million), Sahara AI ($267.6 million), Holoworld AI ($154.4 million), OG, and Newton Protocol — have all experienced declines of 80% to 85%, without exception.

**Systemic Crisis in Token Economy**

The massive downturn reflects not just market sentiment fluctuations but deep-rooted issues in token economic design. High initial valuations, severe liquidity shortages, and weak secondary market demand create a vicious cycle: a large number of tokens are overestimated at issuance, and the gap between fundraising valuation and actual application value is difficult to bridge.

Worsening this problem are poor supply planning and market timing. Many projects rushed to launch during the bull market, hoping for continuous market growth to boost valuations. But once the hype fades, investor interest plummets. Large token unlocks further depress prices, ultimately forcing liquidation at prices far below the funding valuation.

These data tell us that simply issuing more tokens or copying successful cases is no longer feasible. Only by re-examining the fundamental design of the token economy — including supply curves, incentive mechanisms, liquidity guidance, and issuance timing — can this situation be reversed.