AI Memecoin Frenzy Cools, Sparking “Flight to Quality”

After a euphoria-laden run in AI memecoins led by the launch of the GOAT token on October 11, a few assets are holding strong while the rest plunges.

GNON, which was even compared to Bitcoin by influencer Zion Thomas, aka Ansem, is now down an astounding 95% from it's all-time high of $180 million just eight days ago. FLAVIA, an AI agent built by the reputable Travis McFedries is down 96% to a $2.4 million market capitalization.

Despite the carnage in the charts for the AI agent derivatives, some of the more established projects and tokens are holding strong.

GOAT, which is responsible for starting the movement, is just 25% off of its all-time high of $860 million after an astounding run from a sub $10,000 market capitalization. Also Onchain Gaias, an AI-agent NFT project on Base is up to a 0.7 ETH floor price, a 50% increase from October 13 when “GOAT-mania” began.

Meanwhile, most of the high-value AI altcoins are down in October despite BTC’s strong performance. TAO is down 14% in the last two weeks, and NEAR has fallen 17% in the same amount of time.