- Only eight of 113 major crypto projects remain above their token generation event prices.
- Median returns across CryptoRank’s dataset fell to -95.7% as most new tokens declined.
- HYPE led gains as investors focused on product demand, token supply and unlock risks.
CryptoRank found that just eight of 113 crypto projects valued above $100 million still trade above their token generation event prices. The other 105 have fallen below their launch levels. The dataset covers major tokens introduced between 2024 and 2026.
The platform highlighted that 7.1% of the projects remained above their TGE prices. The remaining 92.9% recorded losses. Median returns across the complete dataset stood at negative 95.7%.
Crypto Tokens Struggle as HYPE Leads Gains
Memento Research reported a similar pattern in December among tokens launched in 2025. Its analysis found that 100 of 118 traded below their listing prices. Median project valuations had fallen 71% from their initial levels.
Broader market performance remained weak during the second quarter. CryptoRank reported that 82.1% of the top 100 assets declined in June. Every major token category it monitored also recorded median losses.
Hyperliquid’s HYPE led the eight positive performers with a 1,519% return following its November 2024 airdrop. CryptoRank placed its price near $61.52 and its market capitalization at $13.7 billion.
The platform generates fees through its perpetual futures exchange. Part of that revenue supports token buybacks. Spot HYPE exchange-traded funds began trading in May, although the token remained about 20% below its June record of $76.70.
Ondo ranked second with a 101.4% return above its launch price. Demand for tokenized US Treasury products supported its performance. However, ONDO remained 81% below its December 2024 peak of $2.14.
EverValue Coin gained 20.3%, while Cardano-linked Midnight Network increased 16.5%. CryptoRank did not identify the other four projects that remained above their TGE prices.
What the Data Means for Future Crypto Launches
The data showed that positive returns were concentrated among a small number of major launches. Projects with active products, growing ecosystems or strong demand performed better than most tokens in the dataset.
Token supply structures remain important after a launch. High fully diluted valuations could create a large gap between circulating and future supply. Scheduled unlocks may increase selling pressure when more tokens enter the market.
The findings may affect how future crypto projects structure their launches. Developers could face greater pressure to use sustainable valuations and balanced distribution models. Long-term adoption may receive more attention than launch-day momentum.
Related: Bitcoin Stalls at $64.5K as Glassnode Flags Rising Market Risks
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