AI Agent Weak, Celebrity Tokens Equivalent to Fraud, Major Narratives Suspended

Since the beginning of this year, the most notable feature of the crypto market has been the persistent lack of price appreciation, reflected not only in the performance of Altcoins traded on exchanges, but also in the significant declines of on-chain token projects that performed well in Q4 2024.

The following are the price changes of major AI Agent tokens in 2025:

• Virtual: -79.2%
• Ai16 z: -85.5%
• AIXBT: -68%
• Griffain: -80.3%
• Buzz: -72.4%
• Fartcoin: -67.5%
• ARC: -62%
• Swarms: -45%

It can be seen that within less than three months, the top projects in the popular narratives have plummeted by around 80%. While it may not be possible to directly conclude that this sector is entirely fraudulent, the loss of attention is an objective fact, and it will not be easy to regain it in the short term.

Looking at the celebrity token narratives, it started with Trump, followed by other public figures, and even countries joining in.

The price declines of major celebrity tokens from their peaks are as follows:

• Trump: -77.1%
• Melania: -91%
• Vine: -92.7%
• jailstool: -93.5%
• Jellyjelly: -98%
• CAR: -98.5%
• Libra: -94.3%

In the crypto market, there is a saying "buy new, not old", which means that capital is willing to choose newer narratives for speculation. However, compared to AI Agent, the celebrity token sector appears to be even more bloodthirsty and cruel. What are the current problems in these two sectors? In the face of a lack of new narratives in the crypto market, are there any breakthroughs?

Reference: dexscreener

Current Narrative Dilemma: Rampant Speculation on Concepts

In the AI Agent sector, many projects are still at the stage of "concept demonstration" and "future blueprints", lacking actual usable products that can be widely promoted. Even if several operable services have been launched in the market, they still suffer from complex interfaces and poor user experience, making it difficult for ordinary investors to develop genuine loyalty. Worse, project teams often resort to exaggerated narratives to cater to investors' expectations of "AI + blockchain", while repeatedly delaying the actual implementation of applications. Over time, investors lose patience, and their attention starts to shift, leading to a significant price decline of related tokens.

In the celebrity token sector, although Trump was a highly topical starting point, the problem becomes quite evident when the crypto market encounters the "celebrity end effect": there is probably no other public figure in the world who can surpass Trump in terms of popularity and influence. While subsequent national leaders, internet celebrities, and stars have tried to follow suit, they have been unable to replicate the initial capital enthusiasm and market sentiment. As the market's following weakens, the celebrity token sector has exhibited a "fleeting" phenomenon, where they rise quickly but also decline rapidly, leading to a swift loss of investor confidence and a corresponding price drop.

The underlying reason for the significant volatility in these sectors is that many projects remain at the "concept speculation" level, lacking a genuine and sustainable revenue model. Whether it's AI Agent or celebrity tokens, their core narratives rely on rapid capital inflow and hype, but lack incentives for users to participate in the long term. When the hype fades, the prices become unsustainable, and they are unable to attract new capital to enter the market.

Seeking Real Yield Projects

To stand out in the current market with waning narratives, the key is to find products that offer "real yield" and are willing to "share it with users". "Real yield" refers not only to the speculative bubble of price appreciation upon exchange listing, but also the ability to generate continuous and sustainable returns through actual business models and trading activities, and then distribute these returns to token holders or participants in the ecosystem.

Hype rliquid, for example, fits this model. Its business is similar to centralized exchanges, with revenue primarily from contract trading fees. However, Hype rliquid allocates 100% of the trading fees to repurchase its Hype token, and the trading volume determines the trading fees, thereby tightly linking the token price to the product performance.

According to data from defillama, Hype rliquid accounts for approximately 45% of the 24-hour total trading volume of all Perps DEXes, currently around $3.78B per day, generating an estimated daily revenue of $1 million. Even in the current market downturn, Hype has maintained a high level of activity, and its token price has remained strong.

No matter how hot the narratives may be, they will eventually fade. The projects that can truly thrive in the crypto market are those with product-market fit (PMF), high user stickiness, and genuine real yield.