Despite the slowdown in the cryptocurrency markets and increasing concerns about the impact of tariffs, the Sonic digital currency (S) managed to record a strong rise this week, supported by a noticeable expansion in the decentralized finance (DeFi) sector and positive technical indicators that boosted investor confidence. This surge came amid a tense economic environment, where trade tensions affected many digital assets, but Sonic’s performance proved its resilience, recording a significant jump in its market value.
On Friday, April 4, Sonic witnessed a 10% increase within 24 hours, reaching a price of $0.5023. This strong performance is attributed to the growth of its decentralized financial ecosystem, which saw increasing capital inflows and a rise in the number of users, reflecting the increasing reliance on its services in the DeFi sector.
Record Growth in Assets Locked in the Sonic Digital Ecosystem
One of the main factors behind this strong rise is the increase in the bridged total value locked (Bridged TVL) across the Sonic financial ecosystem, which approached the $2 billion mark. On April 4, this figure reached $1.8 billion, the highest level ever, reflecting growing confidence in Sonic’s expansion capabilities.
Sonic also surpassed $1 billion in average total value locked (TVL) on April 2, a key indicator of the ongoing expansion of the platform. This figure has seen a steady rise since the platform’s launch, reinforcing Sonic’s position as one of the prominent platforms in the decentralized finance sector.
Sonic Digital Currency Defies Overall Decline in the Cryptocurrency Market
What distinguishes the rise of Sonic digital currency is that it occurred during a time when the cryptocurrency market is experiencing significant declines, as most digital assets and global financial markets have been affected by the trade war between major economic powers. However, it seems that the DeFi sector in Sonic has managed to withstand and achieve strong gains, reflecting the robustness of the platform’s financial ecosystem.
Since rebranding from Fantom on December 18, the total value locked in Sonic’s decentralized finance has skyrocketed from $520,540 to $987 million, representing a staggering increase of 189,510%. This rapid growth reflects the increasing demand for Sonic’s solutions in the DeFi field.
What’s Next?
With the continued growth in decentralized finance and the increasing demand for Sonic’s solutions, it seems that the network is poised for further upward movement in the coming months. If it continues to achieve more expansion and overcome current obstacles, it could be one of the standout digital assets that attracts investor attention in 2024.
