VIRTUAL drops to $1.30, wiping out gains after the recent 28% surge from Upbit listing

$VIRTUAL, the native token of the AI launchpad Virtuals Protocol, has seen a sharp decline, falling to approximately $1.30, which marks a 17% drop in the last 24 hours.

Virtuals Protocol ($VIRTUAL) has seen a sharp reversal in its price, dropping to around $1.30 after a brief but significant 28% surge following a recent announcement by South Korea’s leading crypto exchange Upbit that it would list the token.

On Jan. 31, Upbit announced the listing of $VIRTUAL across multiple trading pairs, namely KRW, USDT, and BTC. The announcement exposed the token to South Korean traders, pushing the price up to $2.61 during European trading hours. However, the price hike has proven to be short-lived. As of the latest CoinMarkecap data, $VIRTUAL price has shaved 50% off its post-listing peak in the last 24 hours. On the broader weekly and monthly timeframes, it’s down by 30% and 68% respectively.

$VIRTUAL’s market cap has also suffered a 31% decline over the past week, placing it among the hardest-hit AI tokens. However, AIXBT and AI16Z, the two of its major competitors, have suffered even steeper losses: -43% and -45% respectively.

On a more optimistic note, $VIRTUAL’s liquidity remains strong at $66.77 million, according to cookie.fun data. Additionally, its 24-hour trading volume has seen a nearly 7% increase—though whether this reflects a renewed buying interest or panic selling pressure remains to be seen. However, a recent X post by Kyle Chasse may offer some insight on the matter. In his recent post on X, Chasse hinted that $VIRTUAL is “doing something special,” with the context suggesting that he’s bullish on the token and the broader AI agent narrative, in general.