Virtual Protocol revenue falls 98%, drags VIRTUAL down 90% – What’s next?

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.

Virtual Source: Dune Analytics

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

That’s a whopping 99% decline in activity.

VIRTUAL price drops 90% The bearish on-chain readings were also evident on VIRTUAL, the native token for the AI agent launchpad.

After peaking at $5.1 in early January, the token retraced nearly all its last quarter gains and was valued at $0.56 at press time. That’s an 89% decline in Q1 2025.

VIRTUAL Source: VIRTUAL/USDT, TradingView

Even so, the market rout didn’t affect VIRTUAL only but the entire AI agent category. According to Flipside data, the weekly AI agent tokens trading volume dropped from nearly $2.5B in December to $54M in early March.

This suggested that the trader’s overall appetite and interest in the segment also waned significantly over the past three months.

However, in an X post, Blockworks research analyst Dan Smith stated that the Virtual Protocol was ‘smart’ to have diversified its revenue into wrapped Bitcoin.

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