VIRTUAL drops to $1.30, erasing gains after a recent 28% surge following its Upbit listing

VIRTUAL, the native token of the AI launchpad Virtuals Protocol, has experienced a significant drop, falling to $1.30, reflecting a 17% decrease in just 24 hours. This marks a sharp reversal after a brief surge of 28% triggered by its recent listing on Upbit, South Korea’s leading crypto exchange.

On January 31, Upbit announced it would list VIRTUAL on multiple trading pairs, including KRW, USDT, and BTC, exposing the token to a wider audience of South Korean traders. This announcement caused the token’s price to skyrocket to $2.61 during European trading hours. However, the surge proved to be short-lived, and within 24 hours, the token saw a 50% drop, bringing its price down to $1.30.

Over the course of the past week, VIRTUAL’s price has decreased by 30%, and over the past month, the token has lost 68% of its value. Along with this price decline, VIRTUAL’s market cap has dropped by 31%, placing it among the hardest-hit AI tokens. In comparison, its competitors, AIXBT and AI16Z, experienced even more severe losses of 43% and 45%, respectively.

Despite the drop in price, VIRTUAL’s liquidity remains relatively strong at $66.77 million, according to cookie.fun data. The token’s 24-hour trading volume has also seen a nearly 7% increase, though it is unclear whether this represents a resurgence in buying interest or is simply a result of panic selling.

On a more positive note, Kyle Chasse, a notable figure in the crypto space, hinted on X (formerly Twitter) that VIRTUAL is “doing something special,” suggesting that he remains optimistic about the token and the broader AI agent narrative. It remains to be seen whether this optimism will translate into sustained price growth or if VIRTUAL will continue to struggle in the face of market volatility.

In conclusion, while VIRTUAL saw a brief spike in value following its listing on Upbit, the token has now experienced a sharp decline, leaving many traders uncertain about its near-term prospects. However, with its liquidity and some market optimism still in play, VIRTUAL may yet find a path to recovery.