- Virtual Protocol has unveiled a buyback program to boost its ecosystem agents
- VIRTUAL’s mindshare soared with 25% gains on the price charts
AI agent launchpad Virtual Protocol has unveiled plans to use over 13M VIRTUAL (worth $48M) to buy and burn its ecosystem agent tokens. In doing so, the deflationary program could boost VIRTUAL and its agent tokens.
The firm’s statement revealed that the burn program will run for 30 days.
“We have accrued 12,990,427.85 $VIRTUAL from post-bonding trading revenue since October 16th, 2024. This will go to a buyback-and-burn of the respective agent tokens across a 30-day TWAP.”
VIRTUAL reacts to buyback program
According to the buyback program, some of the top agents who would benefit from it are GAME, CONVO, AIXBT, SEKOIA, and MISATO.
Source: X
As expected, these agent tokens rallied immediately after the update. In fact, AIXBT, an X (formerly Twitter) crypto influencer, and GAME, a native token for a gaming-focused platform, surged by nearly 40%. VIRTUAL also jumped by 25% and retested the $4.0-level.
Worth noting, however, that the buyback program was received with mixed feelings.
One camp deemed it bullish for VIRTUAL and the ecosystem as it revamps its flywheel effect and attracts more agent builders. In turn, this would increase demand for VIRTUAL since it’s the main currency of choice in the ecosystem.
But, since the collected fees (VIRTUALs) were being used, some had reservations about the altcoin in the short term. One user stated,
“I get this as the long term bull case, but it does seem that their revenue has to be discounted now wrt underwriting the platform . It’s an interesting move, we will certainly see how market reacts over coming days and weeks.”
On the mindshare front, AIXBT dominated with 13%, followed by VIRTUAL at 6.4%. This highlighted that the agent social influencer had more social traction and market interest than its native launchpad token.
Source: Cookie.fun
On the price charts, VIRTUAL bounced from the golden 61.8% Fibonacci retracement level.
Should the $4-level be cleared, the token could reclaim its all-time high of $5. The daily chart RSI crossed above 50, indicating renewed buying pressure. If sustained, the demand could lift VIRTUAL higher.
Source: VIRTUAL/USDT, TradingView
