Author: Joyce

Recently, the AI sector has cooled down, and most tokens have experienced a significant pullback, with several AI projects facing a zero-sum outcome in this downturn. Although the community is aware that most new AI projects are based on MEME logic for speculation, they may not have expected the project teams to openly acknowledge this. One day they update the project progress, the next day they declare their exit, and the reasons are mostly the same: too many KOLs selling off, unable to drive up the price.

Two days ago, Tensor Space, an AI project that had already fallen nearly 80% from its peak, posted a tweet delivering the final blow to its token TPU.

The tweet stated: "More than 80 KOLs participated in our token private placement. Our marketing manager and social media administrator recently conducted another token sale, but during this process, they had some disputes with the KOLs. As a result, these KOLs started selling a large amount of TPU tokens at once."

From the token trend chart, it can be seen that TPU was listed at $0.002. If we calculate the chip price owned by the KOLs based on the listing price (which should actually be lower), these KOLs could have made over 26 times the profit in 4 days. Tensor Space wrote in the tweet, "These opinion leaders have earned a six-figure income by selling tokens."

Tensor Space's attitude was relatively sincere. In the tweet, they stated their plan to launch their decentralized application and intended to reissue tokens, with all TPU holders receiving new tokens and a 0% transaction tax. "We are very sorry for this situation. Although most teams may choose to disappear, we choose to stay and hope that TPU can stand up again!"

After the tweet was posted, TPU plummeted by over 80% in 3 hours.

BlockBeats previously wrote in "A 20x surge over the weekend, the AI Summer in the crypto market is coming" that many new AI projects that have emerged recently are flooded with cooperation requests from alpha KOLs. These projects were able to quickly gain community attention in the early stages, thanks to the efforts of the KOLs. Now it seems that KOLs not only help projects take off but also quickly "end" the life of the projects.

Labeling themselves as AI, Depin, RWA projects, and also attempting to create an L1 Scalia, after experiencing a 37x surge in a month, they quickly started the trend of zeroing out, with a drop of over 90% in the past two weeks. The Scalia official Twitter announced the repurchase of $100,000 worth of tokens to help the token grow, but such measures are obviously a drop in the bucket for a huge shrinkage from a $70 million market value to $3 million.

After the downturn became irreversible, the Scalia team published a lengthy article yesterday, subtly pointing out that KOLs selling off was the biggest reason for this situation.

"Many KOLs received tokens in the early stages of the Scalia project as a reward for their long-term support of the project. Unfortunately, because they believed that other projects were 'scam projects,' they sold a large amount of tokens in other projects, as well as Scalia's tokens. As Scalia is still an emerging capital market and lacks sufficient liquidity, these actions have had a significant impact on the project."

Two weeks ago, another AI streaming media project, EtherFlix, also cited KOLs selling off tokens as the reason for being unable to continue in its "exit declaration."

"I also need to express my disappointment to those paid shouting KOLs. Despite receiving tokens and the ETH paid to them, their subsequent behavior is frustrating. After the price rose by 20-50%, they chose to sell their tokens, which greatly affected our efforts to increase the project's popularity. While we were busy looking for more influencers to promote our project, their sales caused more holders to sell tokens, and they unfairly shifted the blame onto me."

And the day before this tweet was posted, EtherFlix was still warming up for its product, "Etherflix is coming soon, we will bring a revolution to AI creators." After EFLIX went to zero, there were no longer any recommendations for EFLIX tokens to be found on Twitter.

Several projects "softly ran away," causing more new AI project tokens to experience a significant decline. For the projects "affected," this gave them a new reason for the decline in the community. Yesterday, the new project zKML, which is also related to AI, posted a dynamic on its official Twitter, stating, "Despicable developers (peers) have caused panic for many projects, including zKML." Its token ZKML has dropped by over 90% from its peak.

Whose fault is the sharp decline of the projects? On the day before yesterday, blockchain detective ZachXBT posted a tweet, bluntly stating, "Unfollow and block these KOLs who are selling you air projects." Among the four KOLs mentioned, three have already changed their names and continue to release new updates.

Regardless of what happened between the KOLs and the project teams in the process from mutual assistance to betrayal, the only ones who have suffered are the investors who have put in real money. As one comment pointed out, you might even expect a meme team to rug, but these projects pretending to be doing something are even more despicable. They attract those who think they are investing in alpha, which is worse than the impact of a meme rug.

AI has been recognized as this year's "wealth password." Due to the difficulty of operating AI projects and the need for more exploration in combining with crypto, it has provided opportunities for many small workshop teams to absorb the liquidity of investors who do not understand AI technology but want to reap alpha returns. "KOL selling off" can become a public excuse for the end of operation of an "AI" project, perhaps just putting the PvP nature of coin circle investment on the table.

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