According to @simplykashif, Memento research tracked 118 major tokens launched in 2025 and reports that 100 now trade below their launch valuation, meaning over 80% are under water, source: Memento research cited by Kashif Raza on X on Dec 25, 2025. The same source adds that the average token is down about 71% from launch, signaling elevated downside risk for 2025 new listings and IDOs in secondary markets, source: Memento research cited by Kashif Raza on X on Dec 25, 2025.