Many Solana AI Hackathon projects debuted amid the excitement surrounding AI agents, with some reaching multi-million-dollar valuations. However, many others failed to sustain momentum, appearing more as short-term speculative plays rather than viable long-term ventures. What are the prospects for these projects, and how can we differentiate between true innovation and fleeting hype? In this article, we'll explore projects that have achieved significant traction in terms of token holders and price action, as well as those that have yet to gain widespread attention.

As of February 10th (11 AM CET), data from goatindex.ai shows that 27 out of 82 tokenized projects currently have a market capitalization exceeding $1 million.

Some projects that saw the most success in terms of price action and likewise mindshare on X were The Hive, Neur, TetsuoAI, Jailbreakme, and many others, all related to the AI agent hype. Furthermore, while the AI price hype has died down, moves are still being made with Elon Musk making a $97.7B bid for control of OpenAI, really showing how much money and interest lies in the future of AI.

Smart Money Leaving

While smart money has been actively rotating into new, less risky options, such as BTC, SOL, and stable farms, it has also increased stablecoin holdings as a risk-mitigation strategy in this highly competitive environment. As a result, although the number of smart money holders and the size of their balances have declined across nearly all of the top 50 projects by market capitalization, this doesn’t necessarily indicate a loss of interest in the sector. Instead, it reflects a more cautious, risk-off approach in response to market volatility, which has also been echoed by our more sophisticated clients.

This, along with a correlated broader market sell-offs, is likely a key reason many tokens have declined by 80% from their recent highs. This downturn has brought heavy losses for traders who remain confident in these tokens' future potential.

Smart Followers Yapping or Abandoning Ship?

Staying active on X could suggest one of two things: either experienced holders are stuck with their positions looking for a way out, or they genuinely see long-term potential. If interest remains strong, it might be a good time to find undervalued projects.

Looking at the top 20 projects by market cap from the Solana AI hackathon, the results are mixed. According to Moni, some projects have seen little to no activity from experienced investors or even a decline in their numbers over the past week. However, a few have gained traction in both areas, including The Hive, Neur, FXN, Tetsuo.ai, and Hype3.cool.

This suggests ongoing interest in the projects, with experienced participants continuing to discuss those on social media while new investors are also entering the space. Let’s take a closer look.

Project Insights: Activity & Trends

The following projects all center around AI agents, aligning with the hackathon's AI-focused theme. While some share similarities in their goals or current developments, the Solana AI Hackathon also introduced many other concepts. These include AI agents designed for managing marketing campaigns, incentivizing users to jailbreak them, and even AI-powered headphone solutions for real-time translation and broader applications.

Despite significant sell pressure across the board, two tokens—$BUZZ and $NEUR—managed to remain positive between February 3rd and 10th, 2025. These two also have the largest market caps among the compared tokens.

The Hive $BUZZ - Market Cap $36.8M

The Hive is a multi-agent system for onchain tasks, where specialized agents handle trading, staking, and analysis while higher-level agents coordinate them. Users submit queries, and the network selects the best agents. Its modular design allows for scaling and continuous upgrades.

At first glance, The Hive provides an engaging platform combining chart data, basic on-chain insights, social mentions, and trading, genuinely attempting to make it the one-stop shop for traders. The real test will be if the developer keeps on building and likewise if the supposed specialized AI Agents truly bring something new to the table aside from convenience or if they indeed generate deeper datapoints that make them worth the use.

I tested a few workflows myself, like searching for high-liquidity memecoins. It pulled up four relevant liquidity pools on Raydium, and when I picked one, it opened a menu where I could choose how much $POPCAT and $WSOL to deposit. The whole process felt smooth everything happened within the same chat on The Hive platform. While lacking some details, such as information on bins, it does bring convenience.

The $BUZZ token has dropped around 83% from recent highs, similar to many of the other tokens, and smart money has generally been decreasing with one large buyer of $312k these past 7 days.

Neur $NEUR - Market Cap $14.75M

Neur positions itself as a go-to AI analyst and trading partner for Solana data, leveraging Claude 3.5 Sonnet and GPT-4o. Beyond analysis, it aims to serve as an intuitive interface where users can input goals such as identifying trending tokens, retrieving contract addresses, and executing swaps. This functionality is enabled through integrations with platforms like Jupiter, Pump.fun, Magic Eden, and DexScreener.

Neur will soon also provide the capability to check for bundled tokens with it’s integration of TrenchRadar further allowing you to look at specific wallets to see what other tokens they hold, assisting in due diligence, before moving on to trading.

The $NEUR token is described in the tokenomics as the “native utility tokenof the Neur Project, designed to create a sustainable ecosystem that rewards users and aligns incentives across the platform” but it is still uncertain how this will actually be done. Early users that pay 1 SOL for entrance, get unlimited AI interactions and early governance and decisions.

The $NEUR token has also taken a near identical hit to its price but sits a bit more stably with regard to smart money balances these past 7 days despite some smart traders dropping off.

FXN $FXN - Market Cap $7.97M

Like the two aforementioned projects, FXN is also an attempt to build a platform of AI agents to assist with various tasks. The difference here is that people can build AI agents and submit them to a swarm. In return, the best AI agents get rewarded for performing tasks, whether it is for trading, analysis, or generating social media posts. This makes it very similar to the concept of solvers and solver networks, where specialization, in the end, is likely rewarded.

FXN's partnership with Play Solana highlights its broader use case. The PSG1, a handheld Web3 gaming device, combines gaming with blockchain features. As part of the collaboration, everyone who purchased the device in the Wave 1 pre-order will receive a $FXN airdrop.

The FXN token has seen smart money balance increases despite smart money wallets leaving the token these past 7 days and their mainnet launched

Tetsuo.ai $TETSUO - Market Cap $6.61M

TETSUO is a community-driven AI project on Solana, built by developers with low-level programming, AI, and machine learning backgrounds. The team is focused on creating an AI ecosystem where developers can build and integrate apps, bots, and automation tools using the Tetsuo API marketplace. Current projects include an AI-generated video clipping platform, community-built models, meme tools, and automated Discord and Telegram bots. Revenue comes from a royalty-based system, where fees are collected in $TETSUO for AI-powered services.

Like $FXN, $TETSUO has seen a decline in unique smart money holders. However, smart money balances in $TETSUO have increased over the past seven days. It's worth noting that the total dollar amount held by smart money in $TETSUO is lower than in the previously mentioned tokens. $TETSUO has retraced 90% since its peak.

HYPE3.cool $COOL - Market Cap $3.5M

HYPE3.cool is a Web3 platform that integrates AI agents with blockchain technology, enabling real-time onchain data integration for decentralized workflows. Its key feature, the IP Agent Launchpad, allows users to create AI-powered tools for various use cases, such as launching IP-based memecoins with integrated agent services. In the end, the project wants to allow engagement through AI Agents while crediting the creator of a meme.

Recently, HYPE3.cool partnered with Chainbase, an omnichain data network, to enhance AI agents' capabilities with reliable onchain data and seamless integration.

$COOLs smart money balances, and unique smart money wallets have remained stable since February 1st and have a similar amount to $TETSUO, while price wise also have retraced about 77%.

Conclusion

The Solana AI Hackathon has highlighted promising projects and challenges in the rapidly evolving AI-agent sector. While some, like The Hive, Neur, Tetsuo.ai, FXN, and HYPE3.cool, have gained attention for their approaches, market volatility, and reduced smart money participation underscore the difficulty of sustaining momentum. Each project is attempting to carve out its niche, whether through modular systems, AI-driven analysis, broader integrations for AI Agents, community-focused development or IP rights.

Will I follow and/or use any of these projects? The Hive is free to use, which lowers the barrier and I’ll likely continue to test for easy LP’ing and brief token analysis.

Neur, with its current paywall, provides features that feel slightly more specialized, and the coming built-in bundle checker is a nice selling point, further removing the need to move across several different platforms. I think the player that best integrates existing tools with quality data and reasoning based on proprietary data is set to win the race of AI-assisted trading platforms.

Hype3.cool has a cool premise, but I am not yet sure if it will be easy to gain adoption. It is a novel idea and the token could potentially benefit from more exposure to tokens related to intellectual property rights.

FXN gives off strong solver network vibes, but instead of just handling trades, its AI agents aim to tackle a broader range of tasks. If executed well, it could unlock the true potential of fully autonomous AI agents. Based on demos, it has a working state and I will be following it very closely as one of my infrastructure plays.

Given Tetsuo.ai is a community project with more than 32k developers, there is high chance of continuous scaling with more developers joining the fray. This further has the potential to allow for diversification of skills and project focus, which may end up being a huge benefit in the future given projects and communication is managed well.

Despite sharp price corrections and declining smart money activity in some cases, there are signs of resilience and continued interest. Partnerships, ecosystem developments, and stable, smart money balances for select tokens suggest that the AI-agent space may still hold long-term potential for those willing to dive deep to see which projects are fluff and which are true gems.