A new study from CryptoRank paints a sobering picture for the crypto market. Out of 113 major tokens with a market capitalization above $100 million as of July 21, only eight — just 7.1% — are trading above their initial launch price. The rest have fallen, with a median return of -95.7%. That means most of these projects have lost nearly all their value since their token generation event.
The study focused on tokens launched since 2024, covering niches like DeFi, gaming, and infrastructure. The results highlight just how difficult it is for new projects to hold onto their early gains.
The Eight Exceptions
Among the few winners, Hyperliquid’s HYPE stands out with a staggering 1,519% increase from its launch price. Ondo Finance’s ONDO follows at 101.4%. Two others — EverValue Coin (EVA) and Midnight Network (NIGHT) — managed more modest gains of 20.3% and 16.5% respectively.
It’s worth noting that even among these eight, only HYPE showed truly outsized performance. Six of the eight achieved double-digit increases at best. HYPE itself was also recently listed in the new S&P Pantera Digital Asset Index, which deliberately excluded many high-performing assets, including Bitcoin. That context suggests HYPE’s success might be more of an exception than a trend.
Why Most Tokens Lost Value
CryptoRank points to several recurring causes for the broad decline: sell-offs shortly after launch, thin liquidity, and ongoing regulatory uncertainty. The last two years have also seen major crashes due to exploits in various protocols. These factors combined have made it extremely tough for new tokens to sustain momentum.
I think the study’s sample size is relatively small — only projects above $100 million market cap — but the pattern is still striking. If even well-capitalized projects are mostly underwater, the situation for smaller tokens is likely far worse.
Market Context
The findings come as the broader crypto market shows signs of recovery. Bitcoin recently climbed above $66,000, driven by higher ETF inflows and slightly weaker US inflation data. Yet that macro improvement hasn’t lifted most new tokens. Perhaps the disconnect reflects how many of these projects are still struggling to find real-world use or investor confidence.
Overall, the data serves as a cautionary note. New token launches remain a high-risk bet. The overwhelming majority never see their launch price again, and even the few winners often deliver only modest returns.
