AI Token Prices Drop 64% Despite Surge in Web3 Usage — Is the Boom Built to Last?

Artificial intelligence is reshaping the Web3 landscape, but the market isn’t buying the hype—at least not yet. A new report from DappRadar, published June 26, reveals a striking contrast: AI agent usage is booming, but the value of AI-related tokens has plummeted.

According to the report, daily active wallets interacting with AI agents have jumped 86% since January, reaching 4.5 million by June. That means AI-driven applications now account for 19% of all Web3 activity—up from just 9% at the start of the year and nearly on par with gaming’s 20% share.

These AI agents are showing up across the board—from trading copilots in decentralized finance to NPCs in games and automated social media bots.

“AI agents are clearly emerging as a new interface layer for Web3” the report noted, suggesting a growing shift in how users interact with blockchain ecosystems.

But while adoption is up, token prices are way down. The market cap for AI tokens has plunged 64% since early June, falling from $16.6 billion to $5.9 billion. Even with a robust daily trading volume of $1.4 billion, the drop signals growing investor skepticism—and volatility that continues to plague the space.

Despite this, capital keeps flowing in. AI agent projects have raised $1.39 billion year-to-date, already surpassing the total for all of 2024 by more than 9%. Much of the growth is being led by platforms like Virtuals Protocol, which has launched over 17,000 AI agents since late 2024—an average of 85 new agents every day.

On the infrastructure front, Matchain is leading with nearly 1.9 million daily users, followed by opBNB and Nebula. Global interest is high, with Europe, Asia, and North America emerging as the top three regions driving usage of AI-powered decentralized apps.

Still, not all tokens are built on substance. While some offer real utility—like automating user actions or powering staking mechanisms—others are little more than speculative assets clinging to the AI narrative. DappRadar warns of a poor “signal-to-noise” ratio in the space, where hype can easily drown out real innovation.