Author: WOO

Since this year, the biggest feature of the currency circle is that its sustained growth is poor. Not only does it reflect the exchange altcoins, but even the on-chain currencies that performed well in Q4 2024 are also facing a sharp decline.

The following is the rise and fall of the major AI Agent currencies in 2025:

Virtual: -79.2%

Ai16z: -85.5%

AIXBT: -68%

Griffain: -80.3%

Buzz: -72.4%

Fartcoin: -67.5%

ARC: -62%

Swarms: -45%

It can be found that in less than three months, the top projects of popular narratives have fallen by 80%. Although it is currently It is impossible to directly judge that the track is false, but the loss of attention is an objective fact and cannot be retrieved for a moment.

Let's look at the celebrity currency narrative again, with Trump firing the first shot, and then other celebrities, even followed.

The following are the main currencies of celebrity coins, which fall from their highs:

Trump: -77.1%

Melania: -91%

Vine: -92.7%

jailstool: -93.5%

Jellyjelly: -98%

CAR: -98.5%

Libra: -94.3%< /p>

There is a saying in the currency circle that speculates about new things rather than old things, which means that funds are willing to choose newer narratives for speculation. However, compared with AI Agent, it is obvious that celebrity coins The track is even more bloodthirsty and cruel. What are the current problems of these two tracks? At a time when new narratives in the currency circle are scarce, is there any breakthrough?

Reference: dexscreener

In the AI ​​Agent track, many projects are still at the stage of "concept display" and "future blueprint", lacking practical availability and ability Products promoted on a large scale. Even if several operational services are really launched on the market, there are still problems such as complex interface and poor user experience, which makes ordinary investors unable to truly stick to them. What's worse is that in order to cater to investors' expectations for "AI + blockchain", the project parties often use exaggerated narratives to raise prices, but the actual application has repeatedly missed the votes. Over time, funds lose patience and attention begins to shift, resulting in a sharp decline in the price of related tokens.

In the celebrity coins part, although Trump is a full-blown beginning, when the token circle encounters the "celebrity ending effect", the problem is also quite obvious: I'm afraid no public figure in the world can surpass Trump in terms of topics and influence. Although politicians, internet celebrities and celebrities from all over the country tried to follow up, they were unable to replicate the initial capital popularity and market sentiment. As the market follow-up becomes weaker and weaker, the celebrity currency track also shows a "flash-of-the-pan" phenomenon of fast and fast departure. Investor confidence is rapidly lost, and prices will naturally fall.

However, the deeper problem behind these tracks are that many projects are at the level of "concept speculation" and lack real and capable Continuous revenue model. Whether it is AI Agent or celebrity coins, its core narrative relies on capital and popularity to enter the market quickly, but lacks the incentive for users to participate for a long time. When the heat subsides, the price will be difficult to support, and it will not be possible to attract new funds to enter again.

To stand out in the current market with tired narratives,The key is to find products with "real revenue" and be "willing to share with users". The so-called "real income" is not just about earning the rising bubble when the exchange is listed, but about continuously generating feedback through actual business models and trading behaviors, and feedback to token holders or ecosystem participation. .

Hyperliquid is in line with the scale, and is the same as a centralized exchange in terms of business. The sources of income are mostly contract transaction fees, but Hyperliquid will have a 100% handling fee. Hype tokens are repurchased, and transaction fees are determined by transaction volume, so Hyperliquid firmly binds the coin price to the product.

According to DefiLlama, Hyperliquid processes approximately 45% of the total 24-hour transaction volume of all Perps DEXs, currently $3.78B per day, and daily revenue falls at about 100 per day. USD 10,000, still maintains extremely high activity in the current market downturn, so the price of Hype remains strong in the cold winter of the altcoin in the past month. No matter how popular the narrative is, it will pass, and it can be retained in the crypto market for a long time, with PMF, high user stickiness and real benefits.