Everlyn is facing market challenges as its token price drops 39% since launch
Amid a 2.35% rise in total crypto market capitalization and Bitcoin’s new all-time high above $126,000, AI video platform Everlyn (LYN) debuted on crypto exchanges with a 39% drop.
Starting at $0.56, the LYN token briefly climbed to $0.79, but then fell below $0.30. With a market cap of $76 million and $67 million in trading volume since launch, the data suggests early holders rushed to take profits.
LYN price dynamics after the October 6 listing. Source: CoinMarketCap
Investors appear to be shifting toward more liquid crypto projects, as Everlyn’s current focus on advertising and user-generated video creation faces strong competition from Runway, Sora, Pika, and others.
However, Everlyn differentiates itself through its AI-driven video agents — interactive characters that live within videos and respond to users’ text or voice commands, a feature that could prove valuable in digital marketing.
Video rendering and storage are decentralized across Everlyn’s network participants, while services are paid in LYN tokens. Users can contribute computing power and earn rewards in LYN, making Everlyn not just an AI service but a fully decentralized video ecosystem.
Big ambitions, tough competition
At the pre-launch stage, the project — said to involve professors, researchers, and former employees of Meta, DeepMind, Microsoft, Google, and Tencent — was valued at $250 million.
Under this valuation, Everlyn raised $15 million from Mysten Labs, Baseline, Selini Capital, NESA, Aethir Cloud, ionet, and MH Ventures.
Following the Token Generation Event (TGE), about 256 million tokens (over 25% of total supply) were distributed immediately — most of which likely reached exchanges, creating selling pressure and pushing LYN’s price down.
According to its tokenomics, the team plans to release the entire 1 billion token supply within three years, while partially burning tokens using platform revenue. This model assumes large-scale adoption, but the intense competition in the AI video market could challenge these expectations. In other words, Everlyn must differentiate itself and demonstrate superior capabilities to bring LYN’s price back to its initial level.
As we wrote, SEC approves generic listing standards for spot commodity and crypto ETPs
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