{"id":2448,"date":"2025-06-08T17:41:58","date_gmt":"2025-06-08T17:41:58","guid":{"rendered":"https:\/\/bitunikey.com\/news\/heres-why-sonic-erased-1-3-billion-in-value\/"},"modified":"2025-06-08T17:41:58","modified_gmt":"2025-06-08T17:41:58","slug":"heres-why-sonic-erased-1-3-billion-in-value","status":"publish","type":"post","link":"https:\/\/bitunikey.com\/news\/heres-why-sonic-erased-1-3-billion-in-value\/","title":{"rendered":"Here\u2019s why Sonic erased $1.3 billion in value"},"content":{"rendered":"
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Andre Cronje\u2019s Sonic token is in freefall, having erased almost $1.3 billion in market capitalization since its relaunch in January.<\/p>\n

Sonic (S) price crashed to $0.3775 on Sunday, down by over 61% from its highest point this year. This crash has brought its market capitalization to $1.9 billion, down from $3.15 billion in January.<\/p>\n

Sonic token has plunged as its ecosystem continues slowing down. Data shows<\/a> that the stablecoin market cap has plunged to $446 million, down from $597 million earlier this year. A falling stablecoin supply in a chain signals that activity in the network is fading.\u00a0<\/p>\n

<\/p>\n

Further data shows that Sonic\u2019s total value locked in its decentralized finance has plunged from nearly $2 billion in May to $1.53 billion. Most of this weakness was driven by outflows from AAVE, Sio Finance, Pendle, and MEV Capital, which have shed over 10% in assets in the last 30 days.\u00a0<\/p>\n

This slowdown means Sonic is not making as much money as it did a few months ago. Its daily chain revenue<\/a> dropped to $9,600 on Saturday from a record high of over $42,000 in May.\u00a0<\/p>\n

Sonic token has also dropped as the funding rate across all exchanges has turned negative in the past few months. <\/p>\n

Santiment data shows that the funding rate fell to 0.05% on Saturday, its lowest point in over a week. A falling funding rate signals that investors anticipate its future price to be lower than the spot one.<\/p>\n

Sonic crypto price technical analysis<\/h2>\n
<\/source><\/p>\n<\/picture>
S price chart | Source: crypto.news<\/figcaption><\/figure>\n

The 12-hour chart shows that the S price has been in a free fall in the past few weeks.\u00a0<\/p>\n

It plunged to a low of $0.3810, a key level that coincided with the lowest swing in April. This price was also the neckline of the double-top pattern at $0.6185. <\/p>\n

A double-top is one of the most popular bearish signs in technical analysis.<\/p>\n

The Sonic token has remained below the 50-period moving average, while oscillators point downwards. Therefore, it will likely continue falling as sellers target the support all-time low of $0.3151, its lowest point in February.<\/p>\n

<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"

Andre Cronje\u2019s Sonic token is in freefall, having erased almost $1.3 billion in market capitalization since its relaunch in January. Sonic (S) price crashed to $0.3775 on Sunday, down by…<\/p>\n","protected":false},"author":1,"featured_media":577,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-2448","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency"],"_links":{"self":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts\/2448","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/comments?post=2448"}],"version-history":[{"count":1,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts\/2448\/revisions"}],"predecessor-version":[{"id":2449,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts\/2448\/revisions\/2449"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/media\/577"}],"wp:attachment":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/media?parent=2448"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/categories?post=2448"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/tags?post=2448"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}