KEYTAKEAWAYS
- Virtuals Protocol’s daily revenue plunges 96.8% from peak, AI agent sector cools down
- Santiment: Crypto “buy the dip” sentiment hits 7-month high
- Largest liquidation in the last 24 hours exceeds $38 million
CONTENT
VIRTUALS PROTOCOL’S DAILY REVENUE PLUNGES 96.8% FROM PEAK
On February 28, according to Dune dashboard data, the AI agent platform Virtuals Protocol has seen its daily revenue plummet 96.8% from its peak. The platform’s daily revenue hit a high of over $1 million on January 2, but as of yesterday, it had dropped below $35,000.
On February 27, Virtuals Protocol generated $28,492 in total revenue on the Base network and $6,300 on Solana. Meanwhile, the Virtual App on Base has been struggling, with revenue staying below $1,000 for 10 consecutive days and fewer than 10 new AI agents being added daily over the past 10 days.
Analysis:
Virtuals Protocol primarily operates on the Base and Solana networks. While Base has been growing rapidly, its DeFi and AI sectors still have relatively low liquidity. On the other hand, Solana offers fast transactions and low costs, but its AI-related ecosystem is still in its early stages, lacking a strong user base.
SANTIMENT: CRYPTO “BUY THE DIP” SENTIMENT HITS 7-MONTH HIGH
On February 28, amid Bitcoin’s drop below $80,000, social media discussions about “buying the dip” have surged to their highest level since July last year.According to blockchain analytics platform Santiment, traders on X (Twitter), Reddit, and Telegram are displaying high confidence, believing that the current downturn is a buying opportunity.
Analysis:
- Stay patient and avoid blindly following social sentiment.
- Monitor on-chain data, including whale activity, long/short ratios in futures markets, and exchange inflows/outflows.
- Wait for true market panic, rather than entering when FOMO sentiment is high.
LARGEST LIQUIDATION IN THE LAST 24 HOURS EXCEEDS $38 MILLION
On February 28, data from Coinglass revealed that total liquidations across the crypto market reached $950 million in the past 24 hours, with $827 million coming from long positions.
A total of 228,023 traders were liquidated globally, with the largest single liquidation order occurring on HTX (Huobi) in the BTC-USDT pair, valued at $38.07 million.
Analysis:
- Liquidation events indicate strong market volatility, especially when long liquidations significantly outnumber short liquidations, suggesting a forced liquidation phase.
- However, post-liquidation phases often see market rebounds, depending on whether new capital flows in to support prices.
- Caution is advised: History shows that large-scale liquidations do not always signal a market bottom. In extreme conditions, if panic selling continues, further declines remain possible.
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