Suddenly, the cryptocurrency formerly known as Phantom did a brilliant rebranding and became Sonic, and this is what became a groundbreaking development that has taken hold of the attention of both new and old investors and enthusiasts. The relaunch has sparked a significant surge in the token’s value, and today, after a daily trade session, Sonic is trading at $0.4672, signaling a great 15.16% increase. The rapid appreciation of Sonic has rendered it the 68th top player in the global cryptocurrency standings, thus establishing the positions it has held in the digital asset ecosystem.
With the rebranding of Fantom into Sonic, the response of the crypto community seems to be supporting the token’s brave performance. Having a market capitalization of $1.34 billion, Sonic has definitively earned the reputation of a mid-cap crypto, which is very big. An impressive increase of 15.16% in market cap within a day was another indication that there is a positive response to branding, making the initiative a success, and the project is receiving a new lease of life with investors who are gaining confidence.
Sonic is not only showing the growing interest of investors who are betting largely but also the momentary trade that has experienced a spectacular surge up to this hour from… the previous time, that amount was… $59.38. Such a drastic proportion of trades demonstrates high interest from a retail and institutional segment of traders who are, therefore, excited about the profit-making characteristics of the token. 6.94% of the total amount of volatile assets proves a good balance that is neither too large nor too low, and hence, the traders are likely to fill their orders without being charged heavily.
In recent years, Sonic’s tokenomics have been a robust factor in the overall interest investors have in the token. As of now, the total supply of the fleet of S tokens is 3.17 billion and the constantly circulating supply is 2.88 billion S tokens, which enables the project to maintain a fine line between being scarce and accessible. The meticulous emitting process of the tokens is one of the highlights of the project. Through the control of the evaporation of the tokens gradually, they accumulate value rather than become mere digital objects.
While making sure that sufficient numbers of people are directly involved in almost all the activities in the ecosystem, token supply is also being used to make the system more stable. Here it is important to note that the lack of a fixed maximum supply of the tokens does not limit the potential growth and development of the company. To enable more contributions to the future growth of the company, this needs to be a flexible model. The very high scarcity of the asset was anticipated in the early days of the project, but with time, Sonic showed tremendous potential.
The fully diluted valuation (FDV) of Sonic is claimed to be $1.48 billion showing the confidence of the market in the success of the project. According to this, the investors go for the project valuation because it provides the total supply of tokens leading to long-term value. Therefore, this is the most reliable method for sustainability. These coins are already highly diluted in the market, which is why there is a small gap between the current market cap and the FDV. Consequently, there will be no dilution concerns.
Being successful in the hot-dealing arena of cryptocurrencies, Sonic has recently attracted the attention of the investment community and cryptoanalysts who have been following the movements of the coin. On the other hand, the question arises whether the process is manageable in the long run. The project is still on its surge and reports success in the market as compared to its predecessors. In contrast, there are concerns about its consistent growth. One of the strong challengers to this view is the Sonic team. According to them, the recent Sonic rebranding is not just a change in its appearance but also includes real work made on the underlying technology and ecosystem upgrades whereas all the other projects only have some minor updates.
According to industry insiders, the project may get away from its Fantom roots and hence introduce a new, better way to stand out in the industry where there are too many blockchain solutions. That includes applications for which it was initially developed. Other than that, it could also be a rebrand with the accompaniment of significant changes in the protocol or alliances that will be announced soon. The former considers that there may be no link between the recently made improvements and the previously known commodore.
However, the latter vainly tries to spin stories to make his job seem more important than it really is. Nevertheless, there is the possibility that another person will try to glorify the work of that individual, claiming it to be original. Furthermore, the reason can be the financial deterioration of the individuals who cannot successfully copy the source in The Princess of Peace.
While the market is swinging high, we should all be mindful that Sonic could take a nosedive at any time. Keep in mind that there is always a possibility of a crash when you want to transform your idea into a viable business. Similarly, if you want to be successful in the area of digital assets, you need to be good at research and risk management. Above all, the next few weeks will provide an answer on whether Sonic can keep its upward trend and be among the top 100 tokens.
In short, the Sonic project was like a shot in the arm that brought new life to the project which everyone had been captivated by and which also led to a significant increase in the project’s worth. With a rapidly growing market, a good volume of trade, and a well-organized distribution of tokens, Sonic can really be said to be the main candidate. However, the main thing is holding to the plan and keeping their fan base in the face of competitors. As the buzz around the project is slowly disappearing, the community is looking forward to Sonic to see ‘if it can live up to the hype and establish itself as a top player.
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