Andre Cronje Exits Sonic Board as S Token Slides 40%
Andre Cronje and two fellow founders have resigned from the Sonic Labs board, the corporate confirmed, as the S token trades close to report lows. Matt Visser turns into the second chief government in 9 months.
Michael Kong and David Richardson stepped down alongside Cronje. The reshuffle lands whereas S sits about 91% under its January 2025 peak, reviving questions over whether or not it has bottomed.
Cronje and Cofounders Hand the Board to Visser
Sonic Labs framed the exits as an orderly handover. Kong, Cronje, and Richardson preserve their stakes however will now not make enterprise selections, per the crew’s announcement.
The change caps a turbulent yr within the C-suite. Sonic named Mitchell Demeter CEO final September to court docket institutional cash, then misplaced him by February, leaving the founding board to run operations.
Cronje constructed a lot of decentralized finance (DeFi) and left those projects abruptly in 2022. He has these days turned to Flying Tulip, a brand new trade he’s raising money to build.
S Token Tests New Lows as Deposits Flee
The market response has been harsh. S lately traded around $0.029, down about 6% in 24 hours and roughly 37% over the previous month. It has fallen near 91% this yr.
The slide has lower Sonic’s worth to about $111 million, rating it close to 250th. The token sits simply above the report low it set on June 6, far under its $1.03 high from January 2025.
The capital flight runs deeper than value. Sonic, which grew from Fantom’s rebrand to Sonic, as soon as hit $1 billion TVL inside months of launch.
Total worth locked has since collapsed to about $18 million, DefiLlama reveals. That is a drop of roughly 98% from a 2025 peak above $1.1 billion.
“Woke up at the moment to examine Andre Cronje resigning from Sonic Labs board. Checked CoinGecko and see that token is down 90% in final 1 yr. Market cap $116m. So many initiatives are struggling a lot this bear market. Tough yr, however in all probability we haven’t bottomed but sadly,” commented Bobby Ong, co-founder of CoinGecko.
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Sonic Promises a Reset as Critics Question Timing
Still, not everybody accepted the framing. Critics argue that stepping again throughout a downturn erodes belief.
Sonic insists its survival doesn’t hinge on the token. The crew says it carries no enterprise capital unlocks and funds growth from a diversified treasury, giving it runway no matter value.
Management additionally factors to regular output, claiming 400 pull requests merged this yr, two releases shipped, and a non-public testnet working for model 2.2.0.
Visser set expectations modestly, not promising a fast rebound.
“I’m not right here to vow an prompt turnaround. I’m right here to make Sonic 1% higher each single day and let that compound. Show up, do the work, show it in public, repeat,” read an excerpt within the announcement, citing Matt Visser, Sonic CEO.
Could that self-discipline assist regular the S token?
Sonic (S) Falls 40% In A Month as RSI Flashes Fresh Sell Signal
The Sonic value has slid again towards the report low it set earlier this month. Momentum indicators have turned sharply unfavorable.
S now sits under each main shifting common, with sellers firmly in management. Buyers have proven little urge for food to defend present ranges.
Momentum factors to week demand, with the Relative Strength Index (RSI) sitting at 32.50, simply above oversold territory and beneath its 33.25 sign line.
The chart marks this crossover as a recent promote sign, given each time the RSI crossed under the sign line within the latest previous, value prolonged the autumn.
The studying echoes the blended alerts from a recent volume surge. An RSI reclaim of 40 would trace promoting is cooling.
Now, the S value prediction hinges on $0.028 ground, as the Sonic token’s worth stays pinned beneath a descending trendline and the 20-day EMA at $0.033.
A every day shut underneath the $0.028 help might set off a retest of the $0.0277 record low, roughly 5% decrease.
Reclaiming $0.033 would invalidate the bearish setup. Longer-term forecast fashions keep cautious.
The Fantom Opera shutdown on June 30 might add volatility as holders end migrating.
A maintain above $0.028 retains a rebound alive, whereas a break under confirms the downtrend.
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