Virtuals - originally launched on Base, a platform through which users can launch their own AI agents. In late January, the project expanded to Solana.
The price of the native token collapsed 89% during that period, from a peak of $5.15 to the current $0.56.
"AI agent platforms have been on a downward trend lately due to low liquidity caused by macroeconomic pressures, unproven utility, an oversupply of tokens and a cooling of the traditional AI sector," noted Kronos Research analyst Dominic John.
The largest agent based on Virtuals is AIXBT - its capitalization takes almost half of the aggregate of all projects.
As of November 30, 1,365 AI agents had been created with Virtuals. Since then, activity has been gradually decreasing - only one new project was launched on March 10.
Blockworks Research analyst Dan Smith noted that the platform "did a smart thing by diversifying revenue."
"Virtuals activity and revenue has fallen off a cliff alongside most onchain activity. No a soingle new agent was created yesterday.
But the team did the smart thing by diversifying revenue with their own token. They now own $12.1 million in cbBTC, which expands the opportunity to iterate their product," he wrote.
Wallet activity in terms of daily trades peaked in early 2025 - at that time the figure reached 58,641. Since then, it has decreased more than tenfold to the current 5,585.
The sector's precipitous fall was followed by an equally precipitous rise. In early January 2025, the total capitalization of tokens "inspired by AI" reached $11 billion, and daily trading volume approached $2.5 billion.
At the same time, Dragonfly managing partner Hasib Qureshi expressed confidence that AI agents will be the main narrative of the crypto community in 2025. Meanwhile, Bitget CEO Gracie Chen projected the sector's growth to $60 billion.
