Virtual Protocol Revenue and Activity Drop

Since the last quarter, Virtual Protocol’s activity and revenue have dropped over 95%. The price of VIRTUAL has fallen 90% from its record high of $5.1.

Virtual Protocol’s [VIRTUAL] revenue has decreased by 98%, aligned with a decline in network activity due to waning demand for AI agents.

According to Dune Analytics, trading revenue for Virtual Protocol plummeted from a peak of $976K in mid-January to just $13K. Similarly, the number of daily AI agents created on the launchpad has significantly declined. From a high of 1,365 daily agents in November, the numbers have now fallen below 10 per day, marking a staggering 99% decrease in activity.

VIRTUAL Price Drops 90%

These bearish trends are reflected in the performance of VIRTUAL, the native token for the AI agent launchpad. After reaching a peak of $5.1 in early January, the token’s value has slid down to $0.56, representing an 89% drop in Q1 2025.

This market downturn has not only impacted VIRTUAL but the entire AI agent marketplace. According to Flipside data, the weekly trading volume for AI agent tokens fell from nearly $2.5B in December to just $54M by early March, indicating a sharp decline in traders’ appetite for this sector over the past three months.

In a recent X post, Blockworks research analyst Dan Smith noted that Virtual Protocol’s strategy to diversify its revenue into wrapped Bitcoin was a wise move. He highlighted that the team now holds $12.1 million of cbBTC, extending their runway for product development.

Yet, the recovery for VIRTUAL’s price might face challenges unless broader market sentiment improves and AI agent narratives regain traction in investor discussions. Key liquidity levels on the liquidation heatmap are observed at $0.8 and $0.6. Typically, liquidity-driven rallies target levels with higher liquidity, suggesting that overhead pockets at $0.8 and $0.7 could be tested during a potential market bounce.