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Virtual Protocol revenue falls 98%, drags VIRTUAL down 90% – What’s next?
In a shocking turn of events, Virtual Protocol has announced a staggering 98% decline in its revenue. This unprecedented drop has had a ripple effect on the market, causing VIRTUAL to plummet by an alarming 90%. The cryptocurrency, which once peaked at $5.1, now finds itself trading at a paltry $0.56.
The drastic fall in revenue is attributed to a significant decline in demand for AI agents, which was expected to be a key driver of growth for the Virtual Protocol. Unfortunately, this has had devastating consequences for the project’s financial health and overall valuation.
It is essential to note that VIRTUAL is not alone in its struggles. The entire AI agent category has seen a massive decline in trading volume over the past three months, with weekly tokens trading at approximately $54 million – a far cry from the astronomical highs of nearly $2.5 billion witnessed just a few months ago.
However, in an attempt to mitigate these losses, Virtual Protocol had diversified its revenue streams by investing in wrapped Bitcoin. While this move may have provided some short-term relief, it is uncertain whether this will be enough to salvage the project’s fortunes.
In order to recover from this crisis, VIRTUAL needs to regain the confidence of investors and restore faith in the AI agent narrative. This could only happen if there is a significant improvement in broader market sentiment.
Source: https://ambcrypto.com/virtual-protocol-revenue-falls-98-drags-virtual-down-90-whats-next/
