According to CoinMeta, a research report published by GSR found that among over 2,300 token listings since 2013, the median token price fell below its issue price within 3 days, and it dropped by 50% within 90 days. Tokens with high FDV and low circulation have performed poorly over the long term. Among them, tokens with an issue FDV of over $1 billion had a median return of -81% after one year, tokens with an initial circulation of less than 20% fell by 75% after one year, and tokens with a circulation between 30% and 50% fell by 45% during the same period.