The Old Token Playbook Is Dead: Why Most Crypto Launches Failed in 2025

The old “token playbook” is over, according to 21Shares researcher Darius Moukhtarzade, who said that launching at high FDV, low float with a governance “meme coin” does not work anymore. Moukhtarzade explained that there is a widening “sentiment-fundamentals gap” as the core reason behind failing token launches. On one hand, fundamentals remain strong, amid a growing global user b…