- Virtual Protocol has unveiled a buyback program to strengthen its ecosystem agents
- VIRTUAL’s mindshare soared with 25% gains on the price charts
The starting field of the AI agent Virtual protocol has revealed plans to use over 13 million VIRTUAL (worth $48 million) to buy and burn its ecosystem agent tokens. By doing so, that deflation program can strengthen VIRTUAL and its agent tokens.
The company’s statement revealed that the burning program will last for 30 days.
“We have accumulated $12,990,427.85 VIRTUAL from post-bond trading proceeds since October 16, 2024. This will go towards a repurchase and burning of the respective agent tokens over a 30-day TWAP.”
VIRTUAL responds to buyback programs
According to buyback programsome of the best agents that would benefit from it are GAME, CONVO, AIXBT, SEKOIA and MISATO.
Source: X
As expected, these agent tokens were collected immediately after the update. In fact, AIXBT, an X (formerly Twitter) crypto-influencer, and GAME, a native token for a gaming-focused platform, surged nearly 40%. VIRTUAL also jumped 25% and retested the $4.0 level.
However, it is worth noting that the buyback program was received with mixed feelings.
One camp felt it was bullish for VIRTUAL and the ecosystem as it renews its flywheel effect and attracts more agent builders. This in turn would increase the demand for VIRTUAL as it is the main currency in the ecosystem.
However, since the collected fees (VIRTUAL) were used, some had reservations about the altcoin in the short term. A user stated,
“I see this as the long-term bull case, but it seems that their earnings have to be discounted now to guarantee the platform. It’s an interesting move, we’ll certainly see how the market reacts in the coming days and weeks.”
On the mindshare front, AIXBT dominated with 13%, followed by VIRTUAL of 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 off the golden 61.8% Fibonacci retracement level.
Should the $4 level be approved, the token could regain its all-time high of $5. The daily chart’s RSI crossed above 50, indicating renewed buying pressure. If demand holds up, demand can lift VIRTUAL higher.
Source: VIRTUAL/USDT, TradingView
