Sonic Crypto Price Experiences Positive Momentum Amid Market Downturn

Sonic has introduced several updates to its ecosystem, yet the overall bearish trend in the crypto market has diminished many of its recent gains.

Key Takeaways

Sonic (S) saw a weekly high of $0.3178 before correcting to $0.3051, leaving a modest weekly gain of 0.4%.
The network is capable of processing 400,000 transactions per second (TPS), significantly faster than many others.
Covalent has integrated Sonic into its GoldRush Streaming and Foundational APIs, enabling developers to access data in near real-time.
New tokenomics will increase Sonic's circulating supply to 4.75 billion, largely aimed at enhancing partnerships while implementing a new burn mechanism to stabilize the market.

Sonic crypto price sees bullish momentum, but crypto market downturn erases gains - 1

Overview of Sonic’s Recent Performance

Sonic (S) recently experienced favorable market momentum, driven by multiple updates and strategic partnerships. On September 9, the token peaked at $0.3178 for the week. However, due to a downturn in the overall cryptocurrency market, its price corrected to $0.3051, resulting in a minimal weekly gain of merely 0.4%.

Sonic's Speed and Integration with Covalent

Sonic is celebrated for its remarkable transaction speed, achieving 400,000 transactions per second (TPS). This speed creates a challenge for existing infrastructure, which often struggles to keep pace. To address this, on September 8, blockchain data firm Covalent announced it would integrate Sonic into its GoldRush Streaming and Foundational APIs, perfectly aligning with Sonic’s rapid processing capabilities.

Covalent remarked, “Sonic is fast, 400k TPS with sub-second finality fast. But when the chain settles in milliseconds and your infrastructure lags behind, you can’t react. This is the latency crisis.”

With this integration, external developers can quickly retrieve data from Sonic, nearly in sync with the chain updates. This capability is crucial for users of the GoldRush platform, primarily automated trading bots and on-chain agents, for whom speed in both execution and finality is vital for maximizing profits.

Covalent also highlighted that despite the increased API speeds, compliance features will remain strong. The platform will continue to generate cryptographic proofs for API outputs, allowing traders to provide verifiable proof of their transaction history to potential auditors.

Additionally, Sonic supports more than 100 blockchain networks, offering data in a unified format. This unification simplifies compliance processes for platforms operating across different blockchains, eliminating the need for separate programs for each network.

Updates to Sonic's Tokenomics

On September 7, Sonic announced significant changes to its tokenomics, including an increase in the total circulating supply from 4.12 billion to 4.75 billion Sonic tokens. The majority of these new tokens will be allocated to strengthen Sonic’s partnerships. Concurrently, the network is expanding its burn mechanism, introducing deflationary pressure to stabilize the token's value.

Through these developments, Sonic aims to bolster its position within the competitive cryptocurrency market while continuing to enhance its infrastructure and compliance measures.