AI Agent Tokens Rebound to Fresh Highs

Many AI tokens sold off as traders chased TikTok memecoins, but the winners have bounced back to new highs.

By: Squiffs • November 22, 2024

After a month of dominating mindshare, AI agent tokens dived on Nov. 20, as traders chased the new “meta” in the space, Tik Tok memecoins. However, most of these dips were short-lived, and top AI agent memecoins have gone on to make new highs.

Two tokens, in particular, are outperforming: ZEREBRO and BULLY.

ZEREBRO, an AI agent with Solana DeFi integrations, fell by as much as 40% on Nov. 20 but has since rallied over 100% to a new all-time high market capitalization of $550 million.

BULLY, a sarcastic bot which operates autonomously on Twitter and Telegram, bled over the course of two days, falling by 50% between Nov. 18 and Nov. 20, but has since surged 500% to a new all-time high of $175 million.

Reputable developers lead both projects. BULLY is spearheaded by its founder, Khouba, who previously worked at Meta and Solana Labs, while ZEREBRO is led by Jeffy Yu, formerly of Scale AI.

The dip within the sector was fueled by traders chasing the new hot token, CHILLGUY, and any other memecoin remotely related to TikTok virality. Faith in the AI memecoin sector was also shaken after the AI16z token plummeted by 80% in one night after a questionable decision by the team.

However, the renewed strength and new highs shown by midcap AI tokens are promising for the sector’s longevity.

While these mid-cap AI memecoins have seen strong bounces, the market leader, GOAT, is struggling to reclaim its $1 billion valuation. GOAT fell 25% from a $1.2 billion valuation to a $900 million market capitalization on Nov. 20. Despite a small bounce the next day, the token has fallen back down to a $915 million valuation.