Investor capital increasingly flows from tokens into publicly listed crypto companies as new token launches struggle, according to research and commentary from market maker DWF Labs.

Drawing on Memento Research data covering hundreds of token launches across major centralized and decentralized exchanges, the firm said more than 80% of projects have fallen below their token generation event (TGE) price. Typical drawdowns range between 50% and 70% within roughly 90 days of listing, suggesting public buyers often face immediate losses after launch.

DWF Labs managing partner Andrei Grachev told Cointelegraph that the figures reflect a consistent post-listing pattern rather than short-term market volatility. He said most tokens reach a price…