Sonic Rallies Ahead of Sonic Summit

Sonic's S token is up 17% over the last 24 hours, following a Binance Wallet integration and ahead of the chain’s three day event.

Layer-1 blockchain Sonic’s S token is surging alongside the rest of the altcoin market as holders prepare for the Sonic Summit event next week.

Sonic (S) is up 17% today to $0.58, or a $1.8 billion market capitalization, from $0.49 over the last day. S is the second-largest gainer among large-cap altcoins over the last 24 hours, only trailing VIRTUAL.

the-defiant — S 24-hour price chart. Source: CoinGecko

The token’s price growth was likely driven by the total crypto market’s strength over the last few days. But the market may also be speculating on potential activations or announcements at the upcoming Sonic Summit, set to begin on May 6.

Binance Wallet also announced its integration with Sonic today, which may open up the chain to a larger userbase, but there is no data to back that up at the time of writing.

Sonic Summit is the chain’s flagship event featuring keynote speakers from Sonic Labs, developer hackathons, and researcher panels.

Sonic rebranded from Fantom (FTM) and launched its mainnet in December of last year. FTM holders were able to migrate their tokens to S, as The Defiant reported at the time. The project raised $10 million last May in a strategic funding round.