Sonic (SONIC), formerly known as Fantom (FTM), has garnered attention on social media following its recent listing on Binance. According to data from Onchain Lens, two crypto whales have made significant purchases of SONIC.
One whale spent $1.17 million USDT to purchase 977,323 SONIC tokens at a cost price of $1.20 for each token. Another whale spent 4,858 Solana coins, which is currently valued at $1.04 million, to purchase 1.18 million SONIC tokens at a cost price of $0.88 each token.
The whales’ accumulations were likely influenced by Binance's move to list SONIC. The trading platform listed Sonic on Monday, January 7, to allow crypto users to access and transact the asset. Usually, when exchanges integrate new tokens, this sparks market enthusiasm as traders and investors view such tokens as potential for price increases and higher returns.
These investors may have made their investments strategically, knowing that Sonic would experience a price rise in the near future, and subsequently, enable them to earn profits.
Despite the listing on Binance, the altcoin is trading lower. Moreover, Sonic’s highly anticipated upgrade failed to support bullish momentum for the new cryptocurrency. Currently, Sonic is trading at $0.0553, down 12.7% over yesterday. Notably, the token is also trading in the red despite the broader crypto market being up 0.90%.
Sonic completed its rebranding transition from FTM to the highly anticipated SONIC on Monday, January 7. The transition and Binance listing were expected to trigger a bull run on the SONIC price. However, that has not happened so far.
The new branding is part of a larger strategy to reposition the Web3 project and its native token in the digital asset landscape. But despite the rebranding hype and Binance listing, the token has failed to inspire buying pressure or instill bullish market sentiment.
At the start of 2023, the crypto markets have shown signs of recovery with the total market capitalization rising above the $800 billion mark once again. However, the markets have slowed down a bit over the past few days and are consolidating gains after a strong rally.
