The Virtuals Protocol token continues to show significant price declines, reflecting the worsening status of its ecosystem.
Overall State of VIRTUAL Token
On June 23, the Virtuals Protocol token fell to a low of $1.35, marking its lowest point since May 8. The price has dropped by over 46% since peaking on May 27. The decline of the VIRTUAL token reflects a sharp decrease in demand for AI agent tokens, revenue challenges, and reduced user engagement.
Virtuals Protocol Ecosystem Issues
Data indicates that prices of most AI agent tokens are in a strong downtrend. For instance, the GAME token dropped by over 24% in the last 24 hours. Similarly, tokens such as Ribbita, VaderAI, and AIXBT have each fallen over 30% in the past week. Virtuals Protocol's revenue has sharply declined, generating less than $200,000 this month compared to more than $3.5 million in January.
VIRTUAL Price Technical Analysis
The 12-hour chart shows that VIRTUAL peaked at $2.5850 in May before forming a head-and-shoulders pattern. The price has moved below the 50% Fibonacci Retracement level at 1.50, with technical indicators suggesting further declines, potentially down to $1.
The decline of the VIRTUAL token and ecosystem challenges highlight the instability and difficulties faced by AI-driven crypto projects in the current market.
