The crazy fundraising phase of the AI Agent track has ended, and the focus now is on hyping the leading projects in niche areas to earn excess premiums. Subsequently, major exchanges will start to list some spot assets, at which point this wave of enthusiasm will come to an end.
If we draw a comparison with the Meme phase, the first wave of Meme involved the rush for WIF/Pepe, which saw its market cap soar to 20B-30B; similarly, in this wave of AI Agent, the market cap of projects like Virtual/ai16z could also reach 20B-30B.
Next, we enter the second phase, where niche tracks will become the main battlefield. Popular projects from the Meme phase, such as the election track Tremp, the celebrity track Mother, and the social track Degen, will also appear in the AI Agent track.
Ultimately, when exchanges begin to list spot assets like Act and pnut, it will signify that this wave of speculation is nearing its end, and the market's enthusiasm will gradually cool down.