8 of 113 Crypto Tokens Launched Since 2024 Are Still Above…

Of 113 major crypto tokens launched since 2024, only eight still trade above their launch price, according to data from CryptoRank dated 21 July. The other 105 are underwater, and the median return across the whole group is -95.7%.

The figure cuts against a week of headlines celebrating survivors like Hyperliquid, up more than 1,500% from its 2024 airdrop, and Ondo, up triple digits from launch. Underneath those two names sits one of the worst base rates on record for new tokens, and it points to a narrow, catalyst-driven rally rather than a market-wide recovery.

The Base Rate Under the Winners

The -95.7% median is the number that reframes the story, because it describes the survivors. CryptoRank’s cohort includes only crypto tokens that reached and still hold a $100 million market cap, so every launch that failed below that line, the overwhelming majority, is excluded. As a result, thousands of smaller launches never made the cut, meaning the true failure rate is worse than the 7.1% survival rate the sample shows.

It is not a one-off reading either. It is not a one-off reading either. A December study by Memento Research found 100 of 118 tokens launched in 2025 trading below their TGE valuation, an 84.7% failure rate with a median drawdown of about 71%, reached through different data and method.

Two independent datasets describe the same mechanism: tokens launch at inflated valuations with low float, scheduled unlocks then add supply the market does not want, and price does the rest. Worldcoin, one of 2024’s most hyped launches, is now down roughly 97% from its $11.82 peak even with a Grayscale ETF filing pending.

Two Crypto Tokens Are Doing the Work

Strip the list down and the rally is two tokens. Hyperliquid is the genuine outlier, up about 1,519% to near $60, built on real fee revenue of close to $1 billion annualized and a dominant share of on-chain perpetuals. It is the one winner whose gain rests on a business.

Ondo shows how much “winner” depends on where you start counting. Measured from its January 2024 TGE it is up 101%. Measured from its 2025 listing it has fallen by half, and against its $2.14 December 2024 high it is down about 81%. All three are true at once. Its mid-July bounce of 15% to 18% came from a specific catalyst, a tokenized-stock push and a partnership with Japan’s SBI Group, per Coinpedia, not a rising tide. The other two named gainers, EverValue and Midnight, are up just 20.3% and 16.5%, so six of the eight survivors managed only double digits.

The pattern predates this week’s snapshot. Memento’s December study found perpetual DEXs were the one category with strongly positive average returns, a result it attributed largely to Hyperliquid.

Investor Takeaway

Why It Isn’t Altseason Yet

The clearest signal that this is not a broad rotation is Bitcoin dominance, which currently sits at 59.2%, with the Altcoin Season Index in the high-50s, both still inside Bitcoin Season. A confirmed altseason has historically needed the index above 75 and dominance breaking below 55%. Neither has happened.

The structure of this cycle explains why. Spot Bitcoin ETFs have locked large pools of institutional capital into BTC exposure alone, and what altcoin flows exist have favored known, liquid names with catalysts over the long tail. FinanceFeeds’ own altseason analysis has made the same point, and the concentration is visible in ETF and whale flows this year, where demand has clustered in a handful of names. Solana ETF flows turning positive in July fit that selective pattern rather than contradicting it.

Until dominance breaks lower and liquidity broadens beyond those crypto tokens, the honest label is not altseason. It is a selective rally with a -95.7% median hiding underneath it, and that median is the more important number.

Investor Takeaway