AI Agent market cap plunges 67%, Solana and Base see undercurrents of competition, can old MEMEs riding AI survive?
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AI Agent market cap plunges 67%, Solana and Base see undercurrents of competition, can old MEMEs riding AI survive?
AI Agent trends align with MEME, temporarily not demonstrating value attributes.
Navigating Web3 tides with focused insightsAuthor: Frank, PANews
AI Agents are widely regarded within the industry as one of the most important sectors to watch in 2025. However, with recent significant market adjustments, AI Agents have also experienced sharp declines. How severe has the correction been in data terms? What competitive shifts have quietly occurred between blockchains? PANews investigated recent data changes concerning AI Agents.
AI Agent Market Cap Drops 67% Over Past Month
Data from Cookie.fun shows that as of February 10, there were 1,412 AI Agents with a total market cap of approximately $652 million, down 67% from $2.02 billion on January 15. Meanwhile, the number of Agents continues to increase, with 116 new Agents added in the past month—an 8.9% growth. However, the growth rate of new AI Agents has already begun to slow.
Based on January 15 data, the average market cap per AI Agent was about $15.07 million, which had dropped to $4.61 million by February 10.
In terms of blockchain distribution, Solana and Base remain leaders in the AI Agent space. There are 793 AI Agents on Solana, accounting for more than half of the total. Base hosts 379 AI Agents. In terms of quantity, Base's count is less than half of Solana’s. However, regarding total market cap, Solana’s AI Agents are valued at around $3.2 billion versus Base’s $2.47 billion—indicating a relatively small gap. Calculating average market cap, Solana’s AI Agents average $4.03 million each, while Base’s average reaches $6.51 million. From this perspective, Base’s AI Agents appear somewhat more resilient in value.
In terms of change, Solana has seen a greater decline. At its peak, Solana-based AI Agents reached a total market cap of $11 billion, a 70% drop from current levels. Base peaked at approximately $7.94 billion, down 68.8% over the same period.
Currently, there are six AI Agents on Solana with market caps exceeding $100 million: FARTCOIN, AI16Z, ARC, ACT, GRIFFAIN, and GOAT. On Base, five exceed $100 million: VIRTUAL, TOSHI, FAI, AIXBT, and VVV. Notably, the highest-valued AI Agent currently is VIRTUAL, reaching $760 million. It's worth mentioning that Virtuals Protocol expanded to Solana on February 10.
BNB Chain has recently shown relatively rapid development in the AI Agent sector, with two projects—CHEEMS and CGPT—now surpassing $100 million in market cap. Additionally, BNB Chain has significantly increased its Mindshare (percentage of total Twitter discussions about the token), rising from under 4% on February 7 to 21.86% by February 10.
The recent growth on BNB Chain has largely been driven by two projects: Andy BNB, with a market cap of about $42 million on February 10 and a seven-day Mindshare increase of 1.02 to reach 1.44%, and CHEEMS, with a Mindshare of approximately 0.97% and a market cap of about $144 million on February 10.
Top Tokens Down Over 70%, Can Old MEMEs Revive with AI?
By category, MEME and foundational framework tokens still dominate the AI space. MEME-based AI tokens have a combined market cap of about $1.94 billion, while framework-type tokens exceed $1.49 billion. The highest-valued MEME token remains FARTCOIN, with a market cap of approximately $524 million. Its peak market cap exceeded $2.7 billion, representing an 80% decline. The leading framework token is VIRTUAL, currently valued at $760 million, down from a high of $3.3 billion—a drop of over 76.8%.
Another previously popular framework, AI16Z, once reached a market cap of $2.7 billion but fell as low as $270 million—a 90% correction. Currently, AI16Z has slightly recovered to a market cap of $450 million.
Somewhat surprisingly, in the MEME category, the second- and third-ranked tokens after FARTCOIN are TOSHI (market cap $304 million) and TURBO (market cap $271 million).
TOSHI originally began as a pet-themed meme coin named after Coinbase founder and CEO Brian Armstrong’s cat. Launched in late 2023, its market cap briefly surpassed $300 million in 2024 before falling to around $30 million. By November 2024, riding the wave of the AI Agent trend, TOSHI transitioned into an AI token using the VIRTUAL framework, causing its market cap to surge to a peak of $960 million. However, based on its current product framework, TOSHI’s primary function is automated tweeting, with only 779 Twitter followers.
The third-ranked MEME token, Turbo, launched in April 2023, is claimed to be the first AI-generated MEME token. Issued on Ethereum, it is among the few high-market-cap AI tokens on the network. Turbo previously reached a peak market cap of $990 million, suffering a maximum drawdown of over 80%.
Moves in Sync with MEMEs, No Value Attributes Yet Demonstrated
Overall, top AI Agents have generally corrected more than 80% from their peaks. For example, GOAT—one of the earliest viral successes—once reached a market cap of $1.37 billion but fell as low as $97.37 million, a decline exceeding 92%. Examining the market cap curves of leading AI tokens, they almost universally exhibit a "mountain-shaped" pattern.
GOAT Market Cap Trend
However, looking at broader market trends, this pattern isn't unique to AI Agent tokens. Other categories of MEME coins show similar behavior. In terms of market cap concentration among top tokens, AI Agent tokens may still represent the highest proportion. Currently, only TRUMP and BONK remain on Solana with market caps exceeding $1 billion. In November 2024, there were six such MEME tokens on Solana.
Overall, the total market cap of AI-related tokens in the crypto space is now approximately $6.67 billion, a significant drop from the peak of $22 billion. Yet, in terms of actual functionality and capabilities of these AI agents, no breakout applications have emerged. Most AI agents still merely tweet or ride the AI hype wave. Perhaps for this reason, AI tokens move closely in tandem with MEME coins, showing little sign of underlying value logic. As for whether current AI token valuations are undervalued, it's worth noting that DeepSeek, which recently went viral globally, was rumored to be valued at just $8 billion on February 9. Judging from this comparison alone, the bubble surrounding AI Agents still appears substantial.
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