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07/15 12:01

Here’s why Sonic erased $1.3 billion in value And

Here’s why Sonic erased $1.3 billion in value

Andre Cronje’s 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 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.
Sonic token has plunged as its ecosystem continues slowing down. Data shows 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. 
Further data shows that Sonic’s 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..
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