Token holdings by Wintermute trigger a decrease in Sonic's value by approximately 6%
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Breaking: Sonic says goodbye to Wintermute after hefty token dump
Looks like Sonic (formerly known as Fantom) and Wintermute have parted ways, and it seems a hefty sale of Sonic's native tokens may have played a role. Just a few hours before Sonic announced the termination of their five-year partnership, Wintermute, acting as a market maker, sold over $850,000 in S tokens, causing a notable 6% dip in the token's price.
Consider it a parting gift or just business as usual—Sonic claims the token sale was nothing more than Wintermute returning previously loaned funds. Yet, this isn't Wintermute's first controversy; in January, the firm faced allegations of market manipulation, and last month, their token dump tanked ACT by a whopping 50%.
But hey, Wintermute has stayed silent on the matter, and Sonic seems unfazed, possibly on the hunt for a new market maker to step up and fill the void. They've made it clear they're not looking for just any vendor—they want one that'll actively engage with their DeFi ecosystem, community, apps, and developer team.
While Sonic has seen impressive growth since launching its token in January, hitting $1 billion in TVL in only 66 days, this market-maker drama hasn't held them back. This dynamic duo's story continues to unfold, and we'll be here, keeping you up-to-date.
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References[1] BeInCrypto reporters, "Sonic breaks up with Wintermute after $850,000 token dump," BeInCrypto, available at https://www.beincrypto.com/sonic-invalidates-wintermute-partnership-after-token-dump/.[2] Intel Scout, "Sonic's price action linked to Wintermute token dump," Twitter, available at https://twitter.com/IntelScoutCrypto/status/1526292459601173504 .[3] BeInCrypto reporters, "Sonic gains legal victory in Singapore, moves to liquidate Multichain Foundation," BeInCrypto, available at https://www.beincrypto.com/sonic-moves-to-liquidate-multichain-foundation/.[4] BeInCrypto reporters, "New market maker on the horizon as Sonic strategically shifts focus," BeInCrypto, available at https://www.beincrypto.com/new-market-maker-sonic-strategic-shift/.
- The abrupt termination of Sonic's partnership with market maker Wintermute has raised questions, as Wintermute sold over $850,000 worth of S tokens, causing a dip in price, potentially indicating a strategic crypto trading move.
- The Aftermath of Sonic-Wintermute separation comes amidst allegations of market manipulation, with Wintermute's previous controversial actions causing a massive 50% drop in the price of another token, ACT, last month.
- Sonic, a prominent player in the blockchain space, is reportedly looking for a new market maker who can actively engage with their DeFi ecosystem, community, apps, and developer team, aiming to strengthen their crypto business and technology.
- Amidst the turbulence, Sonic has continued to thrive in the DeFi sector, having achieved a TVL of $1 billion in merely 66 days, demonstrating resilience and potential for continued growth in the ever-evolving world of finance and technology.
