Altcoin
Sonic Price Surges 13% as Binance Reveals Major Update
Sonic price has surged 13% in the last 24 hours as Binance expands support for the crypto asset. integrating the token into its Earn, Buy Crypto, Convert, Margin, and Futures services. The migration from Fantom (FTM) to S has also begun, enabling seamless token swaps and expanding the token’s ecosystem.
Sonic Price Gains 13% as Binance Expands Support Across Key Services
On January 16, Sonic price surged 13% following Binance’s announcement to integrate the S token into its Earn, Buy Crypto, Convert, Margin, and Futures services. Users can now access Flexible and Locked Earn products, offering competitive APR rates of up to 3% for a 120-day lock period. These enhancements aim to broaden the token’s accessibility and drive user engagement.
Additionally, Binance Margin introduced the token as a borrowable asset, allowing users to trade it on both Cross and Isolated Margin. VIP users gained early access to margin loans, emphasizing its dedication to providing flexibility for advanced traders.
The exchange futures also launched the USDT Perpetual Contract with up to 75x leverage. These developments showcase one of the top crypto exchanges‘ ongoing efforts to support diverse trading options and attract investors to its growing ecosystem.
Fantom to Sonic (S) Migration Marks a Key Milestone
The migration from FTM to S has officially begun, marking a significant step in the blockchain’s evolution. The transition is designed to be user-friendly, with FTM holders able to upgrade their tokens at a 1:1 ratio via the MySonic upgrade portal. For the first 90 days, token exchanges will be unrestricted, after which only upgrades from FTM to S will be allowed.
Sonic Labs has ensured widespread accessibility for the new token, securing listings on 13 major exchanges, including Binance. Crypto exchanges will also support FTM’s rebranding by suspending FTM deposits and withdrawals and delisting the FTM/USDT spot pair. Eligible users will automatically receive the new tokens in a 1:1 ratio.
Binance reported that spot trading has reopened for S/BTC, S/BNB, S/ETH, S/EUR, S/FDUSD, S/TRY, S/USDC, and S/USDT spot trading pairs. For users with opened spot copy trading portfolios, the exchange said “Pairs can be included by enabling them in the [Personal Pair Preference] section of the Spot Copy Trading settings.”
Despite the shift, Fantom will remain operational with a TVL exceeding $168 million. Additionally, the company has reserved 190.5 million tokens to incentivize participation and adoption, underscoring a solid roadmap for future growth.
Current Price Action
S price was currently trading at $0.7784, marking a 13% increase in price over the past 24 hours. The token’s 24-hour low and high were $0.70 and $0.845, respectively, with a market cap of $2.24 billion and a trading volume of $77 million. Over the last week, it has posted a remarkable 20% gain, reflecting growing investor confidence.
Binance remains proactive in updating its offerings, and recently expanded support for DOGE, LTC, and CGPT. With Sonic’s integration, the platform further cements its reputation as the go-to platform for the latest blockchain developments.
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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