The total market value of AI Agent plummeted by 67%, while competition between Solana and Base chains is intensifying. Can old MEME leverage AI to survive?
From the data perspective, how significant is the callback amplitude of AI Agents? What competitive changes are quietly occurring between chains? PANews conducted an investigation into the recent data changes of AI Agents.Author: Frank, PANews
AI Agents are widely regarded in the industry as one of the key tracks to watch in 2025. However, with the recent significant market adjustments, AI Agents have also experienced a sharp decline. From the data perspective, how significant is the pullback of AI Agents? What competitive changes are quietly occurring between chains? PANews conducted an investigation into the recent data changes of AI Agents.
AI Agent Total Market Value Drops 67% in the Last Month
According to Cookie.fun data, as of February 10, there are a total of 1,412 AI Agents, with a total market value of approximately $6.52 billion, down 67% from $20.2 billion on January 15. Meanwhile, the number of Agents continues to increase, with 116 new Agents added in the past month, a growth rate of about 8.9%. However, in terms of growth rate, the current addition speed of AI Agents has also slowed down.
Based on the data from January 15, the average market value of AI Agents at that time was approximately $15.07 million, which has now dropped to $4.61 million by February 10.
In terms of chain distribution, Solana and Base remain the leaders in the AI Agent track. There are 793 AI Agents on the Solana chain, accounting for more than half. The number of AI Agents on Base is 379, which is less than half of Solana's. However, in terms of total market value, Solana's AI Agents have a total market value of about $3.2 billion, while Base's is $2.47 billion, showing a smaller gap. Calculating by average market value, Solana's AI Agents have an average market value of about $4.03 million, while Base's average market value reaches $6.51 million. From this perspective, it seems that Base's AI Agents appear to be more valuable.
From the changes observed, the decline on the Solana chain is indeed more pronounced. At its peak, the total market value of AI Agents on the Solana chain reached $11 billion, currently down 70%. The peak market value of Base was approximately $7.94 billion, down 68.8% during the same period.
Currently, there are 6 AI Agents on the Solana chain with a market value exceeding $100 million, namely FARTCOIN, AI16Z, ARC, ACT, GRIFFAIN, and GOAT. On Base, there are 5 AI Agents with a market value exceeding $100 million, which are VIRTUAL, TOSHI, FAI, AIXBT, and VVV. Notably, the highest market value AI Agent is currently VIRTUAL, reaching $760 million. It is worth mentioning that Virtuals Protocol expanded to Solana on February 10.
The BNB Chain has recently made relatively rapid developments in the AI Agent direction, with two projects, CHEEMS and CGPT, having market values exceeding $100 million. Additionally, the BNB Chain has seen a significant increase in Mindshare (the percentage of total discussions about the token on Twitter) recently. On February 7, the Mindshare share of BNB Chain was less than 4%, and by February 10, this figure had risen to 21.86%.
The recent growth of BNB Chain is primarily driven by two projects: one is Andy BNB, with a market value of approximately $42 million on February 10, and a Mindshare increase of 1.02 in the past week, reaching 1.44%. The other is CHEEMS, with a Mindshare of about 0.97% and a market value of approximately $144 million on February 10.
Top Tokens Currently Down Over 70%, Can Old MEME Ride the AI Wave to Revive?
From a classification perspective, the current tokens in the AI field are still dominated by MEME and framework categories. Among them, the market value of MEME category AI tokens is approximately $1.94 billion, while the framework category exceeds $1.49 billion. The highest market value token in the MEME category remains FARTCOIN, with a market value of about $524 million. Its highest market value once exceeded $2.7 billion, and it is currently down about 80%. The leading token in the framework category is VIRTUAL, with a current market value of $760 million, having previously reached a market value of $3.3 billion, down over 76.8%.
Another previously popular framework, AI16Z, had a peak market value of $2.7 billion, dropping to a low of $270 million, a pullback of 90%. Currently, the market value of AI16Z's token has slightly rebounded to $450 million.
Somewhat unexpectedly, among the MEME category, the second and third ranked tokens are TOSHI (market value $304 million) and TURBO (market value $271 million), respectively.
TOSHI was originally a pet-themed meme coin named after Brian Armstrong's cat, the founder and CEO of Coinbase. This token was issued at the end of 2023, and its market value once exceeded $300 million in 2024, before declining to around $30 million. By November 2024, with the rise of the AI Agent trend, the TOSHI token transformed into an AI token using VIRTUAL as its framework, and its market value soared, reaching a peak of $960 million. However, from the current product framework, TOSHI's main function is simply to auto-tweet, with only 779 Twitter followers.
The third ranked MEME category token is Turbo, which was issued in April 2023 and is claimed to be the first AI-generated MEME token. This token was issued on Ethereum and is one of the few AI tokens with a high market value on Ethereum. Previously, Turbo's highest market value reached $990 million, with a maximum pullback exceeding 80%.
Trends Synchronize with MEME, Yet to Show Value Attributes
Overall, the tokens with high market values in the AI Agent category have generally pulled back over 80% from their peaks. For instance, the once-popular GOAT had a peak market value of $1.37 billion, dropping to a low of $97.37 million, with a pullback exceeding 92%. Observing the market value curve of leading AI tokens, they almost all present a 'mountain' shape.
GOAT Market Value Trend Chart
However, from the overall market changes, this trend is not unique to AI Agent tokens. In contrast, other categories of MEME coins show a similar trend. In terms of the proportion of top market values, AI Agent tokens may still be the highest type. Currently, there are only two MEME tokens on the Solana chain with a market value exceeding $1 billion: TRUMP and BONK. In November 2024, there were still 6 MEME tokens with a market value of $1 billion.
Overall, the current total market value of AI tokens in the cryptocurrency field is approximately $6.67 billion, which is a significant pullback from the peak of $22 billion. However, in terms of the actual functions and capabilities of these AI agents, there has yet to be an explosive application, and the vast majority of AI agents are still simply tweeting or riding the AI hype. Perhaps because of this, the volatility of AI tokens closely resembles that of MEME coins, showing no signs of the expected value logic. As for whether the current market value of AI tokens has been underestimated, it is worth noting that the globally popular DeepSeek reported a valuation of only $8 billion on February 9. At least from this comparative perspective, the bubble of AI Agents still seems considerable.
