Major AI Memecoins Face Price Declines

Major AI memecoins have experienced double-digit price drops over the past 24 hours, indicating a cooling interest after recent excitement from endorsements by so-called AI agents like Truth Terminal and Luna.

As of writing, the Truth Terminal-backed Goatseus Maximus (Ticker: GOAT) token has dropped nearly 17%, trading around $0.066, amidst a broader decline in enthusiasm for the blend of cryptocurrency and AI.

According to Coingecko data, the total market capitalization of AI meme tokens has fallen to $1.95 billion, reflecting a 2% decrease in the last day.

Among the top five tokens listed in Coingecko’s AI meme token category, all have experienced price declines: Turbo down 3%, Goatseus Maximus down 17%, Corgi AI down 1%, Koala AI down 16%, and Fartcoin plunging over 30%. Lesser-known AI memecoins have seen steeper losses, with some exceeding 50%, resulting in the loss of hundreds of millions in market capitalization. The Luna by Virtuals token, endorsed by the Luna AI chatbot, has notably bucked the trend with an 8% gain.

Coingecko describes AI meme tokens as coins inspired by or related to AI, potentially leveraging AI-powered agents or concepts from AI technologies.

Hype Surrounding AI Agent Memecoin Meta

Goatseus Maximus' success is partly due to endorsements by the AI chatbot Truth Terminal, which has promoted the token on X.com. Launched by an anonymous developer on Pump.fun, Goatseus Maximus gained traction after Truth Terminal shared ideas called the "Goatse Gospel." Though not directly created by Truth Terminal, the token was mentioned in posts by its developer, Andy Ayrey.

Truth Terminal is an experimental AI that posts autonomously. Its crypto activities, including receiving $50,000 worth of Bitcoin from venture capitalist Marc Andreessen, attracted widespread media attention. Although initially considering launching its own token, it instead endorsed Goatseus Maximus, contributing to heightened interest.

First AI to Amass $1 Million in Crypto

Beyond Goatseus Maximus, Marc Andreessen's crypto-trading AI chatbot seemed to become a crypto millionaire after its investment in Fartcoin surged in value. However, scrutiny arose over the accuracy of its posts, suggesting human intervention behind the account rather than an AI agent.

"The Truth Terminal makes typos because language models are fundamentally 'simulators,'" Ayrey noted, addressing these concerns. He plans to release a roadmap, research paper, and artist statement to clarify the project’s mechanisms and intentions, aiming to mitigate speculation.

On Thursday, cryptocurrency exchange Binance launched a new GOAT/USDT USD-Margined perpetual contract with leverage of up to 75x, marking the first futures offering for the AI meme token backed by Truth Terminal.