{"id":1525,"date":"2026-06-20T10:25:09","date_gmt":"2026-06-20T10:25:09","guid":{"rendered":"https:\/\/xrpfaucet.site\/?p=1525"},"modified":"2026-06-20T10:25:09","modified_gmt":"2026-06-20T10:25:09","slug":"andre-cronje-exits-sonic-board-as-s-token-slides-40","status":"publish","type":"post","link":"https:\/\/xrpfaucet.site\/?p=1525","title":{"rendered":"Andre Cronje Exits Sonic Board as S Token Slides 40%"},"content":{"rendered":"
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\ud83d\udcf0 Exclusive Crypto News & Analysis:<\/strong> Stay ahead with the latest developments in the cryptocurrency and blockchain space.<\/p>\n

\ud83d\udcc8 Market Update:<\/strong> Real-time price movements, technical analysis, and trading signals.<\/p>\n

Andre Cronje and two fellow founders have resigned from the Sonic Labs board, the company confirmed, as the S token trades near record lows. Matt Visser becomes the second chief executive in nine months.<\/strong><\/p>\n

Michael Kong and David Richardson stepped down alongside Cronje. The reshuffle lands while S sits about 91% below its January 2025 peak, reviving questions over whether it has bottomed.<\/p>\n

\"Sonic
Sonic (S) Token Price Performance. Source: BeInCrypto<\/a><\/figcaption><\/figure>\n

Cronje and Cofounders Hand the Board to Visser<\/h2>\n

Sonic Labs framed the exits as an orderly handover. Kong, Cronje, and Richardson keep their stakes but will no longer make business decisions, per the team’s announcement<\/a>.<\/p>\n

The change caps a turbulent year in the C-suite. Sonic named Mitchell Demeter CEO last September<\/a> to court institutional money, then lost him by February<\/a>leaving the founding board to run operations.<\/p>\n

Cronje built much of decentralized finance (DeFi) and left those projects<\/a> abruptly in 2022. He has lately turned to Flying Tulip, a new exchange he is raising money to build<\/a>.<\/p>\n

S Token Tests New Lows as Deposits Flee<\/h2>\n

The market reaction has been harsh. S recently traded around $0.029<\/a>down about 6% in 24 hours and roughly 37% over the past month. It has fallen close to 91% this year.<\/p>\n

The slide has cut Sonic’s value to about $111 million, ranking it near 250th. The token sits just above the record low it set on June 6, far below its $1.03 high from January 2025.<\/p>\n

The capital flight runs deeper than price. Sonic, which grew from Fantom’s rebrand to Sonic<\/a>once hit $1 trillion TVL<\/a> within months of launch.<\/p>\n

Total value locked has since collapsed to about $18 million, DefiLlama shows. That is a drop of roughly 98% from a 2025 peak above $1.1 billion. <\/p>\n

\"Sonic
Sonic TVL. Source: DefiLlama<\/a><\/figcaption><\/figure>\n
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“Woke up today to read about Andre Cronje resigning from Sonic Labs board. Checked CoinGecko and see that token is down 90% in last 1 year. Market cap $116m. So many projects are struggling so much this bear market. Tough year, but probably we haven’t bottomed yet unfortunately,” commented<\/a> Bobby Ong, co-founder of CoinGecko.<\/p>\n<\/blockquote>\n

Follow us on X<\/a> to get the latest news as it happens<\/em><\/strong><\/p>\n

Sonic Promises a Reset as Critics Question Timing<\/h2>\n

Still, not everyone accepted the framing. Critics argue that stepping back during a downturn erodes trust.<\/p>\n

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Worst possible timing.<\/p>\n

You don’t leave a project in this condition and call it leadership. <\/p>\n

At this point, people are right to ask whether Sonic was just another stop before the next shiny opportunity.<\/p>\n

This is a dangerous way to erode trust, and it rarely ends well.$S<\/a> https:\/\/t.co\/po2TfXQdko<\/a><\/p>\n

\u2014 Nimesh (@NimeshOnchain) June 20, 2026<\/a><\/p><\/blockquote>\n<\/div>\n<\/figure>\n

Sonic insists its survival does not hinge on the token. The team says it carries no venture capital unlocks and funds development from a diversified treasury, giving it runway regardless of price.<\/p>\n

Management also points to steady output, claiming 400 pull requests merged this year, two releases shipped, and a private testnet running for version 2.2.0.<\/p>\n

Visser set expectations modestly, not promising a quick rebound.<\/p>\n

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“I am not here to promise an instant turnaround. I am here to make Sonic 1% better every single day and let that compound. Show up, do the work, prove it in public, repeat,” read<\/a> an excerpt in the announcement, citing Matt Visser, Sonic CEO. <\/p>\n<\/blockquote>\n

Could that discipline help steady the S token? <\/p>\n

Sonic (S) Falls 40% In A Month as RSI Flashes Fresh Sell Signal<\/h2>\n

The Sonic price has slid back toward the record low it set earlier this month. Momentum indicators have turned sharply negative.<\/p>\n

S now sits below every major moving average, with sellers firmly in control. Buyers have shown little appetite to defend current levels.<\/p>\n

\"Sonic
Sonic Price Outlook. source: TradingView<\/a><\/figcaption><\/figure>\n

Momentum points to week demand, with the Relative Strength Index (RSI) sitting at 32.50, just above oversold territory and beneath its 33.25 signal line. <\/p>\n

The chart marks this crossover as a fresh sell signal, given every time the RSI crossed below the signal line in the recent past, price extended the fall. <\/p>\n

The reading echoes the mixed signals from a recent volume surge<\/a>. An RSI reclaim of 40 would hint selling is cooling.<\/p>\n

Now, the S price prediction hinges on $0.028 floor, as the Sonic token’s value remains pinned beneath a descending trendline and the 20-day EMA at $0.033. <\/p>\n

A daily close under the $0.028 support could trigger a retest of the $0.0277 record low<\/a>roughly 5% lower.<\/p>\n

Reclaiming $0.033 would invalidate the bearish setup. Longer-term forecast<\/a> models stay cautious.<\/p>\n

The Fantom Opera shutdown on June 30 may add volatility as holders finish migrating. <\/p>\n

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Since launch, Sonic has become the home of the ecosystem – users, builders, liquidity, and validators have all made the move.<\/p>\n

With that transition complete, Fantom Opera will be retired on June 30, 2026.<\/p>\n

The Fantom Opera network will cease operation at 5:00 PM GMT on June 30,… pic.twitter.com\/VrKRlO1FKU<\/a><\/p>\n

— Sonic (@SonicLabs) April 7, 2026<\/a><\/p><\/blockquote>\n<\/div>\n<\/figure>\n

A hold above $0.028 keeps a rebound alive, while a break below confirms the downtrend.<\/p>\n

The post Andre Cronje Exits Sonic Board as S Token Slides 40%<\/a> appeared first on BeInCrypto<\/a>.<\/p>\n