💥Sonic ends partnership with MM Wintermute and unusual movements of whale wallets

Token S is facing strong selling pressure after the company ended its 5-year partnership with the market-making firm Wintermute. Just 24 hours after the announcement on May 15, Wintermute sold off over 1.5 million tokens, following a previous sale worth approximately $857,000. Experts believe this move is an inevitable result of Sonic not renewing the exclusive market-making contract, aiming to shift strategy towards decentralized finance (DeFi) integration.

However, what worries the investor community more is that whale wallets are also taking similar actions. Among them, the wallet associated with FalconX, a digital asset brokerage, has transferred 2.3 million out of a total of 3 million newly received token S to the Binance exchange, coinciding with Wintermute's sell-off. This coincidence raises suspicions about potential organized capital withdrawal.

According to the tracking tool Intel Scout, many other whale wallets have exhibited similar behavior, causing market panic. While some suggest that FalconX may be employing a high-sell low-buy strategy, the reality shows that recent transactions have all been executed at a loss, eliminating the possibility of short-term profit-taking.

All these developments have led to a decline in the price of token S. The community is concerned that this is a sign of greater instability in the Sonic ecosystem and could lead to a wave of sell-offs if no positive signals emerge in the near future.