Sonic Trading Volume Surges 130% As Binance Announces S Token Airdrop

Trading activity on the Sonic blockchain has surged today after Binance Wallet announced support for the network with an upcoming airdrop. Exact details about the airdrop are still relatively sparse, but the community has reacted with enthusiasm.

Sonic has several key developments beyond this airdrop that help fuel the hype. Binance Alpha listed three of its ecosystem tokens, including one for its largest DEX, and the airdrop may contain 200 million S tokens.

Binance Airdrop Fuels Sonic Hype

Sonic, a Layer-1 blockchain focused on high performance, has been gaining prominence lately. It was briefly a top performer in late March, and its blockchain ecosystem reached $1 billion in TVL earlier this month.

Since Binance made the airdrop announcement, Sonic has been rising again, with nearly 14% price gains and 130% in increased trading volume in 24 hours.

Sonic (S) Daily Price Chart. Source: TradingView

Binance claimed that “S and Sonic ecosystem asset airdrops are coming for active traders on the new Sonic Chain,” but further details are unknown. Earlier statements suggest that Sonic will airdrop 200 million tokens, but this hasn’t been recently confirmed.

Still, there is one useful insight that might help explain this. Several hours before the Sonic airdrop announcement, Binance Alpha listed SHADOW.

Shadow, the firm that mints this token, is the largest DEX on Sonic’s blockchain. Community commentators began speculating that this and several other Sonic ecosystem token listings reveal Binance’s growing interest in the blockchain.

In other words, several ecosystem developments are coming together to build community hype. Even if Binance hasn’t officially confirmed that it will help airdrop 200 million S tokens, Sonic has several positive developments in the works.

The network is showing increasingly bullish sentiment as traders are crowding Sonic in the hope of a potential airdrop in the future.