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Virtual Protocol revenue falls 98%, drags VIRTUAL down 90% – What’s next?
In a shocking turn of events, the Virtual Protocol has seen a devastating 98% drop in revenue, dragging its native token VIRTUAL down by an alarming 90%. The staggering decline has raised concerns about the platform’s future sustainability and viability.
As reported by Dune Analytics, Virtual protocol trading revenue plummeted from a peak of $976K in mid-January to a meager $13K. This precipitous fall-off is undoubtedly a cause for concern among investors and stakeholders alike.
Furthermore, the data also indicates that daily AI agent creation on the launchpad has dropped drastically, with numbers plummeting by 99% since their November highs. This drastic decline is likely to have a ripple effect across the entire AI agent category, further exacerbating the market rout.
In an effort to mitigate these losses, Virtual Protocol took the smart decision to diversify its revenue streams into wrapped Bitcoin. According to Blockworks research analyst Dan Smith, this move has extended the runway for the team to continue iterating on their product.
However, in order to recover from this drastic decline, VIRTUAL’s price recovery will likely be hindered by a broader market sentiment that is still bearish and unfavourable. Unless there is a significant shift in investor confidence, it appears unlikely that the token will experience a rapid turnaround.
In conclusion, while Virtual Protocol’s decision to diversify its revenue streams may have given them some breathing room, they must now focus on revamping their product and appealing to users once more if they wish to recover from this disastrous quarter.
Source: https://ambcrypto.com/virtual-protocol-revenue-falls-98-drags-virtual-down-90-whats-next/
