虚拟协议（虚拟）是Coingecko上的趋势令牌

Virtual是一个快速升级的AI主题代币，5月份飙升了近300％，仅在过去的24小时内就获得了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.

虚拟协议（虚拟）是Coingecko上的趋势令牌，在一天和上个月都发布了显着的收益。但是，由于担心鲸鱼控制，弱基本原理和AI炒作可能会助长挥发性集会，因此头部转弯。

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

根据区块链分析公司Nansen的数据，现在，前100个钱包占Virtual总供应量的惊人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）上的一篇文章中写道：“这不仅是集中的 - 它是真空密封的....和智能的货币持有？上升+14.35％，……有人在定位。安静地定位。”

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

但是，尽管进行了炒作，但来自Virtual基础协议的交易收入讲述了另一个故事。

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所强调的那样，收入在周四仅为163,279美元，对于过去30天内飙升了300％以上的代币相对较低。

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.

价格赞赏和实际收入产生之间的这种急剧脱节引起了人们对可持续性的关注，尤其是少数大型持有人主导了供应。

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

一位用户说：“自4月20日以来，Virtuals的价格下跌3倍，而其协议收入看起来像这样。”

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.

基于X上的情感，对虚拟协议的AI代理平台的投机兴趣可能会影响虚拟价格上涨。一些分析师将其称为分散AI的“第二波”。

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

加密分析师Hitesh Malviya描述了该协议上的牵引力的日益增长。

“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代理的第二波在这里，它以新形式进行了虚拟协议。更好的代理，公平的启动机制……以及一种称为Virgin Points的新机制。”

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是一个新的基于忠诚度的分配系统，允许零售用户访问早期令牌启动。这些要点使用户可以保证代币以换取限制分配，从理论上讲会创造更多平等的参与。

“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.

“通过更换粘结曲线，它使用贡献系统的证明来奖励用户基于生态系统的参与和$ Virtual代币的参与。它驱动了大量的用户参与度，并在5月初记录的8,300台独特的地址和18,900次交易，在5月5日达到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.

根据关于沙丘的数据，超过10,000名参与者在这些发布会上投入了超过490万个虚拟令牌。数据还显示了每日平均承诺为250,000个令牌。这种机制似乎正在产生对虚拟的新需求。

“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补充说：“随着代币的新需求，虚拟价格也在上涨 - 代币价格在过去30天中上涨了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.

鲸鱼优势，温和的收入和价格急剧提高的结合提高了有关令牌估值的长期可行性的疑问。

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

尽管增加的智能货币活动是值得注意的，但它可以很容易地代表机会主义的投机而不是坚定的信念。

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的拉力赛在改善市场情绪的情况下与Altcoins的更广泛反弹保持一致。但是，对于如此紧密的供应和相对较低的协议使用情况，代币可能会面临增强的波动性。如果较大的持有人开始获利，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.

尽管AI创新和分散参与的叙述令人信服，但Virtual的流星崛起背后的数据需要谨慎。

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

随着注意力的加剧，接下来的几周将测试这种价格上涨是反映了真正的实用性还是仅仅是制造中的另一个投机泡沫。