#代币估值与上线 Seeing this set of data, a familiar feeling arose in my heart. In 2025, 84.7% of new coins broke below their launch price, and behind this number are countless investors' accounts shrinking.

What I find somewhat regrettable is that many projects that surged during the TGE period now have fallen more than 90%. Names like Berachain and Animecoin once shined brightly, but now their FDV has evaporated by hundreds of billions of dollars. Looking at these numbers, I can't help but think of those investors who chased in at high prices.

But this time, I also observed another phenomenon—the 15% of projects that defied the trend and increased in value. Most of these were issued in the second half of the year and had lower initial valuations. Aster increased by 745%, Yooldo Games by 538%. It's quite interesting; it reminds us of a simple truth: real opportunities are often not in the hotspots under the spotlight, but in the corners that are reasonably priced and overlooked by most.

What I want to say is that, in the face of such a wave of break-evens, the most important thing is not to regret but to adjust your mindset. Manage your position sizes carefully, keep your enthusiasm for new coins in check, and give yourself enough room for mistakes—these are the secrets to surviving longer in volatile markets. In the long run, a steady asset allocation always beats repeated gambles.