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Sonic Token Drops 15% Amid Wintermute Exit and Whale Activity
Sonic Token Drops 15% Amid Wintermute Exit and Whale Activity
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Sonic Token’s price plummeted 15% following Wintermute’s exit and a series of large token dumps. The sell-off began after Sonic announced it WOULD not renew its market-making agreement with Wintermute, triggering panic among investors.
Wintermute offloaded 1.5 million S tokens within 24 hours of the announcement, adding to an earlier sale worth $857,000. Analysts note the MOVE aligns with Sonic’s strategic shift toward new partnerships, as confirmed by the platform’s Head of Strategy.
Market observers warn of continued volatility as Sonic seeks fresh market makers aligned with its long-term vision. The blockchain network’s next steps will be critical in restoring investor confidence.
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