A study of the cryptocurrency market has shown that the vast majority of token sales conducted in 2025 resulted in significant financial losses for investors. According to analyst Edgy, nearly 85% of new assets are currently trading significantly below their offering price. These statistics indicate a profound crisis in traditional project launch models and a radical shift in investor behavior in the industry.

The era when the participation of large venture capital funds guaranteed a project's success is finally a thing of the past. While in mid-2022, crypto startups easily raised tens of billions of dollars amid the excitement, by early 2026, the influx of fresh capital had declined to its lowest level in five years. Experts tend to view the investments recorded at the end of 2025 as a redistribution of "old" funds rather than the arrival of new major players, confirming the general stagnation of the venture capital industry.

Analysts from Memento Research confirm these findings, pointing to the catastrophic scale of the decline: of the 118 initial public offerings (TGEs) studied, nearly 40% of coins lost between 70% and 90% of their value. CoinGecko's statistics are even more stark: over the past year, more than 11.6 million tokens have been declared "dead." The get-rich-quick scheme of closed rounds followed by asset dumps to retail investors has ceased to generate profits, as the market has become oversaturated with offerings lacking real value.

Despite these dismal figures, experts see signs of a healing ecosystem. The weakening of venture capital dictatorship is clearing the way for organic projects focused on real revenue and user acquisition, rather than capitalization manipulation. In the new cycle, fair launches with minimal insider participation will prevail, which in the long term could lead to a more sustainable and transparent crypto market.