VC-backed crypto token launches are failing in 2025, with 85% underwater and the old “Top VC = pump” playbook breaking down as capital dries up and fundamentals start to matter.

VC-backed crypto token launches are failing in 2025, with 85% underwater and the old “Top VC = pump” playbook breaking down as capital dries up and fundamentals start to matter.
𝕏/@thedefiedge
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