Trading activities on the Sonic blockchain surged today after Binance Wallet announced network support with the upcoming airdrop. The specifics of the airdrop process remain relatively scarce, but the community reacted enthusiastically.
Sonic has several key developments aside from this airdrop that help fuel the hype. Binance Alpha has listed three of its ecosystem tokens, including one for its largest DEX, and the airdrop may contain 200 million S tokens.
Binance's airdrop fuels Sonic hype
Sonic, a high-performance layer-one blockchain, has gained significant importance recently. It briefly stood out in late March, with its blockchain system reaching $1 billion in TVL earlier this month.
Since Binance announced the airdrop, Sonic has been on the rise again, with price gains of nearly 14% and a trading volume increase of 130% in 24 hours. Binance stated that "S tokens and Sonic ecosystem tokens will reach active traders on the new Sonic Chain," but other details are unknown.
Sonic (S) daily price chart.
Previous statements indicate that Sonic will drop 200 million tokens, but this has not been confirmed recently. However, there is some useful information that may help explain this matter. A few hours before the announcement of the Sonic airdrop, Binance Alpha listed the SHADOW token.
Shadow, the company that issued this token, is the largest DEX exchange on the Sonic blockchain. Community commentators began to speculate that these token listings for the Sonic ecosystem and many other listings reveal Binance's increasing interest in the blockchain.
In other words, there are many ecosystem developments coming together to generate excitement within the community. Although Binance has not officially confirmed that it will assist in dropping 200 million S tokens, Sonic has several positive developments underway.
The network shows increasing bullish sentiment as traders flock to Sonic in hopes of