Virtuals Protocol, an AI agent platform that enables the creation and monetization of AI-driven virtual entities on the blockchain, has plummeted 96.8% in daily trading revenue despite Coinbase’s expansion from Ethereum Layer-2 base to Solana.
According to data from Dune Analytics, the protocol recorded its highest daily revenue of over $1 million on January 2nd, but that figure had fallen to under $35,000 as of February 27th.
Revenue from the Basic Virtual App is particularly weak, with revenues below $1,000 for 10 consecutive days, down from its daily peak on October 27, 2024 from $859,000.
The decline in Virtuals’ revenue performance on February 27th was improved from the previous day, just above $30,000. Source: Dune Analytics
The number of new AI agents created on the platform has been below 10 per day for the past 10 days.
Virtuals has fewer than 10 agents created since February 18th. Source: Dune Analytics
Related: New agents launching virtually plummeted amid AI token drawdown
Virtuals is disappointed after moving to Solana
Originally launched on a base, virtual has attracted attention for new AI agents that can manage their own cryptocurrency wallets and drive engagement by leaning social media users.
On January 25th, the project announced the expansion of the red-hot Solana into the ecosystem. But Solana’s reputation has been suffering in recent weeks after a wave of missteps from the president’s Mimecoin, which highlights the issue of intense fraud on the network.
According to Dune, there are currently around 170,000 unique wallets on the base that currently hold the Virtuals agent tokens. Only 7,642 wallets traded at least one token on February 27th, making wallet activity significantly diminishing across both networks.
Related: Solana’s Token Mint Frenzy loses steam when Memokine becomes a torch
Virtual token struggle amid the market slump
Virtual protocol native tokens have dropped by more than 14% in the last 24 hours, according to data from CoinMarketCap. The decline comes amidst a slump in the broader crypto market, and Bitcoin has lost 20% of its value in the past week as tensions in global trade have risen.
The virtual bleeding as global financial markets suffer losses. Source: CoinMarketCap
Despite the wider market corrections, virtual protocols appear to be losing traction among the best cryptocurrencies. When Protocol first announced its move to Solana, it ranked 68th in market capitalization. At the time of publication, it had slipped to 92nd place.
magazine: AI Agent Trading Crypto is a hot story, but be careful of rookie mistakes
