Virtual Protocol's [VIRTUAL] revenue has dropped 98% alongside network activity as demand for AI agents wanes.

Virtual Protocol's [VIRTUAL] revenue has dropped 98% alongside network activity as demand for AI agents wanes.

Virtual Protocol's [VIRTUAL] revenue has dropped 98% alongside network activity as demand for AI agents wanes.

According to Dune Analytics, Virtual protocol trading revenue has fallen from a $976K peak in mid-January to $13K.

Source: Dune Analytics

Similarly, the number of daily AI agents being created on the launchpad flattened in March. Notably, daily AI agents surged to 1,365 last November but have now dropped below 10 per day.

That's a 99% decline in activity.

VIRTUAL price drops 90%

The bearish on-chain figures were also apparent on VIRTUAL, the native token for the AI agent launchpad.

After reaching a high of $5.1 in early January, the token has quickly relinquished nearly all of last quarter's gains and was trading at $0.56 at the last check. This marks an 89% price decline in Q1 2025.

Source: VIRTUAL/USDT, TradingView

However, the market downturn has not only affected VIRTUAL but also the entire AI agent category. As per Flipside data, the weekly AI agent tokens trading volume decreased from almost $2.5B in December to $54M in early March.

This signifies that traders' interest in the segment has diminished substantially over the past three months.

Nevertheless, in an X post, Blockworks research analyst Dan Smith highlighted that the Virtual Protocol has diversified its revenue into wrapped Bitcoin.

“But the team was smart to diversify revenue out of their own token. They now hold $12.1m of cbBTC, extending runway to iterate on their product.”

However, VIRTUAL's price recovery may face an obstacle unless the broader market настроение improves and the AI agent story comes back into traders' focus.

Meanwhile, key liquidity ranges are at $0.8 and $0.6 on the liquidation heatmap. In most cases, liquidity-driven rallies tend to tap levels with high liquidity.

As such, the overhead ranges at $0.8 and $0.7 could be targeted during a rebound from lower lows.

Source: Coinglass