Of 113 major crypto tokens launched since 2024, only 8 still trade above their launch price, according to CryptoRank data dated 21 July. The remaining 105 tokens are underwater, with a median return of -95.7% across the entire cohort. The figures contrast with recent headlines celebrating survivors like Hyperliquid, up more than 1,500% from its 2024 airdrop, and Ondo, up triple digits from launch. The -95.7% median reflects inflated launch valuations combined with low float structures—scheduled token unlocks then added supply the market did not absorb, driving prices downward. The data points to a narrow, catalyst-driven rally rather than broad market recovery.
CryptoRank Dataset Excludes Majority of Failed Launches
The -95.7% median return describes only tokens that reached and still hold a $100 million market cap. Every launch that failed below that threshold is excluded from the CryptoRank cohort, meaning thousands of smaller launches never qualified for the dataset. The 7.1% survival rate (8 of 113) applies solely to this filtered group, making the true failure rate across all 2024-onward launches worse than the sample shows.
A separate December study by Memento Research found 100 of 118 tokens launched in 2025 already trading below their listing price, an 84.7% failure rate reached through different data and methodology. Both datasets describe the same mechanism: tokens launch at inflated valuations with low float, scheduled unlocks add supply, and price declines follow. Worldcoin, one of 2024's most hyped launches, is now down roughly 97% from its peak even with a Grayscale ETF filing pending.
Hyperliquid and Ondo Drive Survivor Performance
Hyperliquid is the standout performer, up approximately 1,519% to near $60, measured from its November 2024 airdrop price. The token generates close to $1 billion in annualized fee revenue and holds a dominant share of on-chain perpetuals. It is the one survivor whose gain rests on a functioning business model.
Ondo's performance depends on the measurement starting point. From its January 2024 token generation event (TGE), Ondo is up 101%. From its 2025 listing, it has fallen by half. Against its December 2024 high of $2.14, it is down approximately 81%. All three figures are accurate simultaneously. Ondo's mid-July bounce of 15% to 18% followed a specific catalyst—a tokenized-stock push and partnership with Japan's SBI Group, per Coinpedia—not a market-wide rally. The other two named gainers, EverValue and Midnight, are up 20.3% and 16.5% respectively, leaving six of the eight survivors with only double-digit gains.
Bitcoin Dominance and Altcoin Season Index Remain in Bitcoin Territory
Bitcoin dominance sits near 56-57%, with the Altcoin Season Index in the mid-40s to high-50s. Both metrics remain inside Bitcoin Season thresholds. A confirmed altseason has historically required the Altcoin Season Index above 75 and Bitcoin dominance breaking below 55%. Neither condition has been met.
Spot Bitcoin ETFs have locked institutional capital into BTC-only exposure. Altcoin flows that do exist have favored liquid names with catalysts over the long tail of new launches. Solana ETF flows turning positive in July fit this selective pattern. Until dominance breaks lower and liquidity broadens beyond a handful of tokens, the current environment is a selective rally with a -95.7% median return beneath the surface.
FAQ
What percentage of crypto tokens launched since 2024 still trade above their launch price?
According to CryptoRank data dated 21 July, 8 of 113 major crypto tokens launched since 2024 still trade above their launch price, a 7.1% survival rate. The median return across the entire cohort is -95.7%.
Why did most tokens launched since 2024 lose value?
Tokens launched at inflated valuations with low float structures. Scheduled unlocks then added supply the market did not absorb, driving prices downward. A separate December study by Memento Research found 100 of 118 tokens launched in 2025 already trading below listing price, an 84.7% failure rate.
What metrics indicate whether an altseason has begun?
Historically, a confirmed altseason requires the Altcoin Season Index above 75 and Bitcoin dominance breaking below 55%. As of the source data, Bitcoin dominance sits near 56-57% and the Altcoin Season Index remains in the mid-40s to high-50s, both still inside Bitcoin Season thresholds.
