Final week, the Fuel City (GAS) token briefly ignited a synthetic intelligence (AI) token frenzy as merchants flocked to Luggage, a Solana-based token launchpad that touted one more iteration of creator-linked cash.
GAS surged to a $60 million valuation on Jan. 15 after software program engineer Steve Yegge, creator of the experimental Fuel City AI coding-agent orchestrator, revealed a viral Medium publish endorsing the token.
Simply 4 days later, Yegge penned one other publish through which he distanced himself from GAS, citing unsustainable expectations from the crypto group.
Predictably, this despatched GAS tumbling, and the token at present trades at a valuation of simply $1.1 million, down 98% from its all-time excessive.
GAS Chart
“I have to reiterate my honest regrets to the CT/BAGS crowd, who so generously funded me to the tune of simply shy of $300k final week. That cash was arduous to duck, and the funds are deeply appreciated. They may assist Fuel City be a giant success this yr. However Fuel City itself wants my full consideration,” Yegge wrote on Jan. 18.
In the meantime, different Luggage tokens aren’t faring a lot better.
Ralph Wiggum (RALPH) is right down to a $12 million valuation after peaking at almost $50 million on Jan. 16, and RedwoodJS has plunged to close zero after the builders mentioned that they “don’t endorse crypto.”
In line with Jupiter’s launchpad tracker, Luggage’ market share has fallen to 16% as of Jan. 18 after reaching as excessive as 42% on Jan. 15.
