Sonic SVM (SONIC) has experienced a significant surge, increasing by 64.57% in the last 24 hours, with its price hitting a high of $1.25 just a few hours ago on January 8, 2025. The current trading volume has soared to $1.78 billion, reflecting high market interest and liquidity. This monumental increase is not merely a random market fluctuation but is backed by several strategic developments within the cryptocurrency ecosystem. What is causing the SONIC coin to rise? The rise of SONIC can be attributed to a series of pivotal events and enhancements in its trading landscape. Firstly, Sonic SVM has been introduced to major trading platforms like Binance Futures and KuCoin, offering a variety of trading options. Binance Futures has launched SONICUSDT perpetual contracts with leverage up to 75x, providing traders with substantial trading flexibility. This move not only increases SONIC’s exposure to a broader investor base but also adds a layer of sophistication to how traders can engage with the token, potentially attracting more speculative capital. Moreover, KuCoin has extended its services for SONIC by adding it to margin trading, futures, convert, saving, and fast trade options. This comprehensive integration into KuCoin’s ecosystem offers users multiple avenues to trade or stake SONIC, with incentives such as zero trading fees on KuCoin Convert and a 4% expected APR on KuCoin Saving. These offerings have likely spurred increased trading and investment in SONIC, fostering a positive feedback loop of demand and price appreciation. Another significant factor could be the rebranding of Fantom blockchain into Sonic Labs and the transition from Fantom (FTM) to Sonic (S) tokens, which is underway with Binance facilitating a 1:1 token swap, introducing new features like developer incentives and governance opportunities, which will potentially increase its utility and attractiveness to both developers and users. It is however important to note that Sonic SVM and Sonic Labs are two distinct chains. Sonic SVM is the first Solana Virtual Machine (SVM) network extension to launch on Solana, for games and applications, and it is built on HyperGrid, a framework for orchestrating optimistic Solana rollups. On the other hand, Sonic Labs replaces Fantom and it is an Ethereum Virtual Machine (EVM) layer-1 blockchain with 10000 TPS, sub-second finality, a secure gateway to Ethereum, and attractive developer incentives. The Fantom rebranding into Sonic, while not related to Sonic SVM has undoubtedly contributed to the bullish sentiment surrounding the SONIC token for the similarity in the names. The combination of these factors – high leverage trading options on Binance, diversified investment opportunities on KuCoin, and the having a similar name as the rebranded Fantom chain – has created a compelling case for SONIC’s recent rise, making it an attractive choice for investors looking for growth and innovation in the crypto space. The post Sonic SVM (SONIC) surges 64%: what’s behind the rally? appeared first on Invezz
