WOO X Research: Bull Market with Hell-Level Difficulty, Where is the Breakthrough?
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WOO X Research: Bull Market with Hell-Level Difficulty, Where is the Breakthrough?
AI Agent struggles, celebrity token launches equated with fraud, major narratives put on hold.
Navigating Web3 tides with focused insightsSince the beginning of this year, the most notable feature in the crypto market has been the lack of sustained price increases—not only reflected in exchange-based altcoins, but also seen in on-chain tokens that performed well in Q4 2024, which are now facing significant declines.
Below are the main AI Agent-related cryptocurrencies and their performance in 2025:
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Virtual: -79.2%
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Ai16z: -85.5%
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AIXBT: -68%
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Griffain: -80.3%
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Buzz: -72.4%
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Fartcoin: -67.5%
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ARC: -62%
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Swarms: -45%
It's evident that within less than three months, leading projects from the once-popular narrative have dropped by around 80%. While we cannot yet conclude that this sector is fundamentally flawed, the loss of attention is an objective reality—and not something that can be regained quickly.
Now let’s look at the celebrity coin narrative, which started with Trump, followed by other celebrities and even nations jumping on board.
Below are the major celebrity-linked tokens and their pullback from peak prices:
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Trump: -77.1%
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Melania: -91%
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Vine: -92.7%
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jailstool: -93.5%
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Jellyjelly: -98%
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CAR: -98.5%
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Libra: -94.3%
In the crypto world, there's a saying: "Chase the new, not the old," meaning capital prefers to speculate on newer narratives. But compared to AI Agent, the celebrity coin space appears far more brutal and cutthroat. What exactly are the current issues facing these two sectors? And in today’s environment of scarce new narratives, is there still room for a breakthrough?
Source: dexscreener
Current Narrative Dilemma: Predominance of Pure Concept Hype
Regarding the AI Agent sector, many projects remain at the stage of "concept demonstration" and "future roadmap," lacking actually usable products capable of large-scale adoption. Even when some operational services do hit the market, they often suffer from complex interfaces and poor user experience, preventing ordinary investors from developing real engagement. Worse, project teams frequently exaggerate narratives to inflate prices in response to investor expectations around "AI + blockchain," while repeatedly delaying actual product rollouts. Over time, capital loses patience and attention shifts elsewhere, causing token prices to drop sharply.
As for celebrity coins, while Trump provided a highly controversial starting point, the sector faces a clear “celebrity endpoint effect”: it's unlikely any public figure will match Trump in terms of话题 and influence. Subsequent political figures, influencers, and celebrities attempted to follow suit, but none could replicate the initial funding momentum or market sentiment. As market follow-through weakened, the celebrity coin trend exhibited a "flash in the pan" phenomenon—emerging rapidly and fading just as fast—leading to rapid erosion of investor confidence and falling prices.
Yet the deeper reason behind the extreme volatility in these sectors lies in the fact that many projects remain stuck at the "concept炒作" level, lacking genuine and sustainable revenue models. Whether AI Agents or celebrity coins, their core narratives rely on rapid capital inflows and hype, but fail to offer incentives for long-term user participation. Once the hype fades, prices become unsustainable and struggle to attract fresh capital.
Seeking Projects with Real Yield
To stand out in today’s narrative-starved market, the key is identifying products that generate "real yield" and are willing to share it with users. "Real yield" means more than just profiting from listing-driven price bubbles; it involves continuously generating returns through actual business operations and transaction activity, then distributing those gains back to token holders or ecosystem participants.
Hyperliquid fits this model. Its business resembles that of centralized exchanges, with primary revenue coming from derivatives trading fees. However, Hyperliquid uses 100% of its fee income to buy back the HYPE token. Since fees are driven by trading volume, Hyperliquid tightly couples its token price with product performance.
According to DefiLlama data, Hyperliquid handles approximately 45% of the total 24-hour trading volume across all Perps DEXs, currently around $3.78B daily, generating roughly $1 million in daily revenue. Despite the overall market downturn, it maintains extremely high activity, which explains why HYPE has remained strong during the recent altcoin winter.
No matter how hot a narrative may be, it will eventually fade. The projects that endure in the crypto market are those with product-market fit, high user stickiness, and real yield.
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