Cryptocurrency investors who chased the artificial intelligence hype may be left holding the bag as their prices drop and smart money investors sell. 

Virtuals Protocol (VIRTUAL), one of the best-performing cryptocurrencies in 2024, has crashed below $3 after falling 43% from its highest level this year. 

Similarly, ai16z (AI16Z), the third-biggest Solana (SOL) meme coin, has fallen by over 50% from its January high. Combined, the tokens have shed over $2 billion in market value. 

While this freefall coincides with the ongoing crypto crash, a closer look at their on-chain metrics show that smart money investors and profit leaders have started selling their positions.