


Virtuals Protocol is bleeding We missed the $1.00 mark and are now heading back toward previous levels around $0.60 or even lower. The team keeps releasing updates, but it doesn’t seem like they are able to bring real momentum back to the ecosystem. Launch activity is dry, and when something does launch, it often appears to have close ties to the Virtuals team itself, meaning there are very few truly new participants entering the space. What’s also concerning is that most of the capital simply rotates between existing projects while fresh inflows remain very low. You can verify this yourself through Dune Analytics. Almost all major projects that launched during the peak hype in December 2024 are down more than 95% from their ATH, even projects like Neurobro that continue shipping strong technology and have hundreds of thousands of users. This also means that many of the projects currently trading at relatively high valuations (eg, Reppo) could eventually face the same outcome if Virtuals continues to weaken. Personally, I wouldn’t buy agent tokens right now until we see real momentum return. It simply doesn’t make sense in the current environment. Instead, focus on projects that are actually building: - use their products - follow their progress - engage with their communities Then, if momentum eventually returns, you can decide whether buying the token makes sense based on real fundamentals you’ve already researched.
















