Most Large-Cap Tokens Since 2024 Trade Below Launch Price
Macro & Markets ·
A new dataset shows that of 113 tokens issued since 2024 whose market capitalization later crossed $100 million, only a handful have kept their value above launch levels.
Data compiled by CryptoRank and cited in a report shows that just 8 of those 113 tokens are still priced above their token generation event value, a share of 7.1%. The remaining 105 sit below their launch price, and the typical outcome across the group is a median loss of -95.7%, underscoring how steep the drawdown has been for most projects that managed to reach nine-figure valuations after debut.
Among the minority that have gained ground, HYPE stands out with a rise of roughly 1,519% from its TGE price, far outpacing the rest of the cohort. ONDO follows at approximately 101.4%, while EVA and NIGHT round out the top performers with gains near 20.3% and 16.5%, respectively. The gap between these outliers and the broader median illustrates how concentrated the upside has been in a small number of names, leaving the bulk of large-cap launches deep in negative territory.
The findings, also referenced in coverage from chaincatcher.com, arrive alongside other signs of caution across risk markets. Short interest in US equities, including the S&P 500, the Russell 3000 and NYSE-listed names, has climbed to multi-year or record highs in early 2025, a setup that traders have flagged as carrying short-squeeze risk in either direction. At the same time, expectations around Federal Reserve policy have shifted, with CME FedWatch data showing a 55.1% probability assigned to a 25 basis point hike in September, a scenario that would add pressure to risk assets broadly, crypto included.
Taken together, the token performance data and the macro backdrop point to a market where large valuations achieved after launch have not translated into sustained investor gains for most projects. What remains unclear is whether the concentration of returns in a few names like HYPE and ONDO reflects durable demand or temporary positioning, and whether a shift in Fed policy or a reversal in elevated equity short interest would ease or worsen conditions for newly launched tokens still trading well below their debut price. Further data on how the remaining 105 tokens perform in coming months will help clarify whether the -95.7% median loss marks a bottom or an ongoing trend.