Only 7% of New Crypto Tokens Trade Above Launch Price

Hyperliquid's HYPE was up 1,519% from its launch price at the time of the survey's publication on July 21st. Ondo Finance's ONDO followed at 101.4%. EverValue Coin (EVA) and Midnight Network (NIGHT) were up a more modest 20.3% and 16.5% respectively.

Even among those that are up, only a small handful showed outsized performance. Six of the eight achieved double-digit increases at best. HYPE was also listed in the new S&P Pantera Digital Asset Index, which excluded many high-performing crypto assets, including Bitcoin.

CryptoRank said sell-offs, thin liquidity, and regulatory uncertainty were the main causes of major drawdowns in these projects. The market has also observed major crashes due to exploits and other factors in the last two years.

The tokens studied spanned a wide range of niches in the crypto industry, including DeFi, gaming, and various infrastructure projects. The findings come as the broader market recovers, with bitcoin climbing above $66,000 this week on higher ETF inflows and weaker US inflation data.