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Trading activity on the Sonic blockchain has surged today after Binance Wallet announced support for the network and an upcoming airdrop.
Binance Airdrop Fuels Sonic Hype
Sonic, a Layer-1 blockchain known for its high performance, has been gaining attention in recent times. It was a top performer in late March, and its blockchain ecosystem reached $1 billion in TVL earlier this month.
Since Binance made the airdrop announcement, Sonic has seen nearly 14% price gains and a 130% increase in 24-hour trading volume.
Binance stated that “S and Sonic ecosystem asset airdrops are coming for active traders on the new Sonic Chain,” but specific details about the airdrop are still relatively sparse. Earlier statements suggest that Sonic will airdrop 200 million tokens, but this hasn’t been recently confirmed by the exchange.
However, there is one useful bit of information that might help explain this. Several hours before the Sonic airdrop announcement, Binance Alpha listed SHADOW.
Shadow is the firm that mints this token, and it’s the largest DEX on Sonic’s blockchain. Community commentators began speculating that this and several other Sonic ecosystem token listings on Binance Alpha reveal the exchange’s growing interest in the blockchain.
Sonic looks interesting here. Currently trading at $0.54, approx 50% down from the January high of $1.
Sonic conference coming up next week (usually releases are saved up for these)3 Sonic projects listed on Binance Alpha today (SHADOW, Hey Anon, and Beets)The token is also down 50% from ATHs and has seen better interest in the past. But still, at least they are listing more than 1 project from the same chain a week which is a good sign. Not sure why they picked Sonic.
Several ecosystem developments are coming together to build community hype. Even if Binance hasn’t officially confirmed that it will help airdrop 200 million S tokens, Sonic has several positive developments in the works.
The network is showing increasingly bullish sentiment as traders are crowding Sonic in the hope of a potential airdrop in the future.
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