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Sonic Token Unlock Sparks Market Concerns Amid Broader Crypto Caution
Sonic Token Unlock Sparks Market Concerns Amid Broader Crypto Caution
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BTCCSquare news:
Sonic's latest token unlock has injected $74.59 million worth of S tokens into circulation, representing 5.17% of its total supply. The move comes at a precarious time for crypto markets, already grappling with subdued sentiment. Historical parallels to January's unlock—which triggered a sharp price decline—have traders bracing for similar volatility.
DeFi investors are voting with their wallets. Over 48 hours preceding the unlock, $37.9 million flowed out of S token positions, dragging TVL down nearly 5%. The exodus reflects mounting concerns about supply overhang in a market where demand appears lackluster. Without organic buy-side pressure, analysts warn the token could face extended downward pressure across spot and derivatives markets.
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