虛擬協議（虛擬）是Coingecko上的趨勢令牌

Virtual是一個快速升級的AI主題代幣，5月份飆升了近300％，僅在過去的24小時內就獲得了46％。

The Virtuals Protocol (VIRTUAL) is the trending token on CoinGecko, having posted notable gains over the day and in the last month. However, heads turn amid concerns that whale control, weak fundamentals, and AI hype may be fueling a volatile rally.

虛擬協議（虛擬）是Coingecko上的趨勢令牌，在一天和上個月都發布了顯著的收益。但是，由於擔心鯨魚控制，弱基本原理和AI炒作可能會助長揮發性集會，因此頭部轉彎。

According to blockchain analytics firm Nansen, the top 100 wallets now hold a staggering 93% of VIRTUAL’s total supply.

根據區塊鏈分析公司Nansen的數據，現在，前100個錢包佔Virtual總供應量的驚人93％。

“This isn’t just concentrated - it’s vacuum-sealed....and Smart Money holdings? Up +14.35%,...Someone is positioning. Quietly,” Nansen wrote in a post on X (Twitter).

Nansen在X（Twitter）上的一篇文章中寫道：“這不僅是集中的 - 它是真空密封的....和智能的貨幣持有？上升+14.35％，……有人在定位。安靜地定位。”

However, despite the hype, trading revenue from VIRTUAL’s underlying protocol tells a different story.

但是，儘管進行了炒作，但來自Virtual基礎協議的交易收入講述了另一個故事。

As highlighted by Dune Analytics, revenue peaked at just $163,279 on Thursday, which is relatively low for a token that has surged over 300% in the last 30 days.

正如Dune Analytics所強調的那樣，收入在周四僅為163,279美元，對於過去30天內飆升了300％以上的代幣相對較低。

This sharp disconnect between price appreciation and actual revenue generation has raised concerns about sustainability, particularly as a handful of large holders dominate the supply.

價格讚賞和實際收入產生之間的這種急劇脫節引起了人們對可持續性的關注，尤其是少數大型持有人主導了供應。

“VIRTUALS' price pumped by 3x since April 20th, while its protocol revenue looks like this,” one user remarked.

一位用戶說：“自4月20日以來，Virtuals的價格下跌3倍，而其協議收入看起來像這樣。”

Based on sentiment on X, speculative interest in Virtual Protocol's AI agent platform may be impacting the VIRTUAL price surge. Some analysts are calling this the “second wave” of decentralized AI.

基於X上的情感，對虛擬協議的AI代理平台的投機興趣可能會影響虛擬價格上漲。一些分析師將其稱為分散AI的“第二波”。

Crypto analyst Hitesh Malviya describes the growing traction on the protocol.

加密分析師Hitesh Malviya描述了該協議上的牽引力的日益增長。

“The 2nd wave of AI agents is here, and it's happening on Virtuals Protocol in a new form. Better lineup of agents, a fair launch mechanism... and a new mechanism called Virgin Points.”

“第二波AI代理的第二波在這裡，它以新形式進行了虛擬協議。更好的代理，公平的啟動機制……以及一種稱為Virgin Points的新機制。”

Virgin Points is a new loyalty-based allocation system that allows retail users to access early-stage token launches. These points allow users to pledge tokens in return for capped allocations, theoretically creating more equal participation.

Virgin Points是一個新的基於忠誠度的分配系統，允許零售用戶訪問早期令牌啟動。這些要點使用戶可以保證代幣以換取限制分配，從理論上講會創造更多平等的參與。

“By replacing the bonding curve, it uses a Proof of Contribution system to reward users based on ecosystem participation through Virgen Points and $VIRTUAL tokens. It has driven significant user engagement, with 8,300 unique addresses and 18,900 transactions recorded by early May, peaking at 2,274 transactions on May 5,” DWF Ventures explained.

“通過更換粘結曲線，它使用貢獻系統的證明來獎勵用戶基於生態系統的參與和$ Virtual代幣的參與。它驅動了大量的用戶參與度，並在5月初記錄的8,300台獨特的地址和18,900次交易，在5月5日達到2,274次交易，” DWF Ventures Ventures Explures Explures Explures。

According to data on Dune, over 4.9 million VIRTUAL tokens have been committed across these launches by over 10,000 participants. The data also shows a daily average commitment of 250,000 tokens. This mechanism appears to be generating fresh demand for VIRTUAL.

根據關於沙丘的數據，超過10,000名參與者在這些發布會上投入了超過490萬個虛擬令牌。數據還顯示了每日平均承諾為250,000個令牌。這種機制似乎正在產生對虛擬的新需求。

“VIRTUAL price is also going up lately with this new demand emerging for the token - the token price went up by 3.7x in the past 30 days,” Malviya adds.

Malviya補充說：“隨著代幣的新需求，虛擬價格也在上漲 - 代幣價格在過去30天中上漲了3.7倍。”

The combination of whale dominance, tepid revenue, and sharp price increases raises questions about the long-term viability of the token’s valuation.

鯨魚優勢，溫和的收入和價格急劇提高的結合提高了有關令牌估值的長期可行性的疑問。

While the increased Smart Money activity is notable, it could just as easily represent opportunistic speculation rather than deep conviction.

儘管增加的智能貨幣活動是值得注意的，但它可以很容易地代表機會主義的投機而不是堅定的信念。

VIRTUAL’s rally aligns with a broader rebound in altcoins amid improved market sentiment. However, the token may face heightened volatility with such a tightly held supply and relatively low protocol usage. This is especially true if larger holders begin to take profits.

Virtual的拉力賽在改善市場情緒的情況下與Altcoins的更廣泛反彈保持一致。但是，對於如此緊密的供應和相對較低的協議使用情況，代幣可能會面臨增強的波動性。如果較大的持有人開始獲利，尤其如此。

While the narrative of AI innovation and decentralized participation is compelling, the data behind VIRTUAL’s meteoric rise calls for caution.

儘管AI創新和分散參與的敘述令人信服，但Virtual的流星崛起背後的數據需要謹慎。

As attention intensifies, the coming weeks will test whether this price surge reflects real utility or just another speculative bubble in the making.

隨著注意力的加劇，接下來的幾週將測試這種價格上漲是反映了真正的實用性還是僅僅是製造中的另一個投機泡沫。