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The 2025 token sales market faces severe challenges. Data shows that only 12% of token sale projects remain profitable, which directly reflects the harshness of the current investment environment. Long-term holders are under significant pressure—most newly issued tokens underperform expectations. This data point is worth noting: under the dual impact of a bear market and market volatility, investors need to adopt more cautious selection strategies and conduct more in-depth project research. 2025 is destined to be a year of differentiation in token sales.