Virtuals Protocol token continued its strong performance this week, rising to $3.9875 on Wednesday as most cryptocurrencies rebounded. The VIRTUAL token has jumped by more than 12,000% from its lowest level in 2024, pushing its market cap to over $2.4 billion. So, is VIRTUAL a good token to buy?
Virtuals Protocol ecosystem is growing
Artificial intelligence (AI) agents are doing well this year, as investors expect the industry to grow further. According to Markets and Markets, the AI agent industry is expected to grow from $5.1 billion in 2024 to over $47.1 billion in 2030.
Virtuals Protocol has become a big player in the crypto industry by providing a platform where developers can launch their AI agents. According to its website, many agents created on its platform have attracted multi-million dollar valuations.
Aixbt, an AI agent that tracks online discussions, has become the biggest player in the ecosystem with a market cap of over $730 million. This growth happened as whales continued accumulating the token after OKX, a leading exchange, listed it.
G.A.M.E by Virtuals has also become a leading player in the ecosyste, with a market cap of over $250 million. VaderAI has a valuation of $105 million, while Sekoia, aixCB, Luna, Iona, and Acolyte have attracted over $50 million in assets.
This growth means that Virtuals has become one of the biggest players in the AI industry in crypto. It also has more room to grow because its platform makes it easy to create, launch, and monetize agents.
The Virtuals token also jumped this week after the developers announced a $40 million buyback and burn program for its ecosystem agents. Some of the top tokens that will benefit from this burn program are AIRENE, Saint, Misato, and Vu. Most of these ones are small agents that are seeking to gain market share.
VIRTUAL price also bounced back after the developers announced an update to the value accrual mechanism to support the ecosystem. According to the developers, 30% of the post-bonding taxes will go to the agent creator, 20% to affiliates, and 50% to the agent subDAO.
Announcing an update to our value accrual mechanism to better support Virtuals ecosystem builders.
– Post-bonding taxes will be allocated as follows: 30% to the agent creator, 20% for Agent Affiliates and 50% to the Agent subDAO to be utilised in future governance decisions.
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More reasons Virtuals has soared
The Virtuals token has also jumped as the futures open interest continues rising. According to CoinGlass, the open interest jumped to over $283 million on Wednesday, much higher than this month’s low of $176 million. That is a sign that the token’s futures contracts are seeing strong demand.
It also jumped as other cryptocurrencies rebounded after the US published encouraging consumer inflation data. According to the statistics agency, the core CPI fell from 3.3% to 3.2%, boosting most risky assets like stocks and cryptocurrencies.
Bitcoin rebounded and retested the resistance point at $100,000, while the market cap of all coins jumped to $3.7 trillion.
VIRTUAL price forecast
The daily chart shows that the VIRTUAL price has done well as it surged from $0.016 in August last year to almost $4 today. Most recently, the token formed a doji candlestick pattern on Monday as cryptocurrencies slumped.
This is one of the most bullish reversal patterns, characterized by a long upper and lower shadow and a small body. A doji is usually a sign that an asset opened and closed at the same price.
The coin has remained above the 50-day and 100-day Exponential Moving Averages (EMA), a sign that it is doing well. Therefore, odds are that the token will continue rising as bulls target the all-time high of $5.1250, which is 36% above the current level.
The post VIRTUAL price prediction: Virtuals Protocol token could surge 30% appeared first on Invezz
