The original Sonic, S symbol, faces new pressure to drop after the sudden end of its five -year partnership with Wintermute in the market industry.
The division, which was announced on May 15th, sparked a series of great distinctive code dumps that pushed the price of the distinctive symbol sharply.
Huge symbolic dumps ignite panic in the market
According to Sonic Ecosystem Tracker Intel Scout, Wintermute dismantled the distinctive symbols 1.5 million seconds within 24 hours of the advertisement. This came shortly after the company sold a previous batch of approximately $ 857,000.
Intel Scout noticed that sales were not surprising. They pointed out that the activity is closely in line with the Sonic decision not to renew the exclusive market making agreement with the company after its wide years of cooperation.
Earlier in the week, the head of Sonic strategy confirmed that the platform is holding talks with new partners.
The Executive Authority stated that future market makers must comply with the broader Blockchain network of the shift towards decentralized financing integration (Defi) outside the central exchange liquidity.
At the same time, the situation has an interesting development as the headlines with important holdings also participated in dumping.
Intel Scout reported that a portfolio linked to Falconx – a digital mediation company – performed 2.3 million of the 3 million S symbols that it recently acquired to Binance. This deal occurred in the same window 24 hours, as Wintermute discharge.
Similar movements by other whale governor have paid speculation throughout society.
Intel Scout wondered whether these are signs of coordinated exit, liquidity reselling or routine exchange activity. Some observers hinted until price manipulation.
“The other thing I have noticed is a similar pattern between the other whale governor. [Is this a] Coordinated director? Liquidity modification? Regular exchange guidance? Prices, “Intel Scout wondered.
There were suggestions that Falconx may implement a high -sales and low purchase strategy.
However, Intel Scout to reject This theory, noting that recent sales were confused, indicating that there is no immediate profit.
After all these prominent sales, the price of the distinctive symbol decreased to more than 8 % last day and is now trading about $ 0.50.
Over the past week, the distinctive symbol has lost more than 15 % of its value, reflecting the market response to these rapid downloads.
Disintegration
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