Virtuals Protocol’s revenue plummets as VIRTUAL price nears oversold zone

Virtuals Protocol’s daily revenue has plummeted to under $500 per day, while the VIRTUAL token edges closer to the oversold threshold.

According to Blockworks Research, Virtuals Protocol (VIRTUAL) has been generating less than $500 per day in revenue from launch and swap fees for the most part of late March and early April.

In early January, Virtuals Protocol enjoyed strong revenue generation, with daily earnings from launch and swap fees reaching between $200K and $350K. However, this momentum proved short-lived. In mid-January, revenue began to decline steadily, dipping below $100K per day by the end of the month. By late February, daily revenue had dropped below $10K, and in the final days of March through early April, the platform was generating less than $500 per day. To put it into perspective, Virtuals Protocol’s generated over $500K in daily revenue on Jan. 2, when VIRTUAL hit an all-time high of $5.07. This marks a 99% decrease in daily revenue from its Jan. 2 peak to early April.

Source: Blockworks research You might also like: News Virtuals Protocol ecosystem tokens down across the board

As for VIRTUAL token’s price, it currently trades at $0.45, 91% down from its ATH. After reaching ATH, VIRTUAL price plunged into a sustained downtrend, with the price falling below key moving averages, eventually settling around $0.45 by early April. A critical technical development occurred when the 20-day Exponential Moving Average crossed below the 50-day Simple Moving Average, strengthening the bearish momentum.

Momentum indicators further validate the downtrend. The MACD line remains below the signal line, and although the histogram has started to flatten, it still hovers in negative territory. The Relative Strength Index is at 31.06, just above the oversold threshold of 30.

On the bright side, Virtuals Protocol is currently in the top 10 projects in the AI agent sector, ranking as the sixth most-discussed project by mindshare with a 2.19% share, according to cookie.fun data.

Source: cookie.fun You might also like: Virtuals Protocol price prediction: Is AI truly the future?

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