I think x402 is way more alive than the chart makes it look.

For those unaware, x402 is a payment standard that enables AI agents to pay for the data and services they use without a human in the loop.
Cumulative transactions blew past 100M, almost all of it in a couple of months.
In reality, most of that activity was fake.
There was a memecoin on @base called PING that you minted by making an x402 payment. Since minting cost almost nothing on Base, people did it over and over, which is what blew up x402's numbers in the first place.
Once the PING frenzy died down, daily transactions and volume fell off hard. There's still steady activity today, but nowhere near that inflated peak.
The bullish case: Google and Coinbase already back this standard, and AWS even added agent payments back in May.
We could see activity picking up again soon.