Sonic Labs token $S has officially been listed on Binance. The token, which has just undergone a rebrand from Fantom, has officially started trading on the platform with current prices above $0.7843, up 9.53%.
Binance had previously declared that it would also help Fantom rebrand and trade its tokens with Sonic.
Binance Unveils Three Trading Pairs for $S
Binance has declared previously that on January 13, 2025, the platform would delist all FTM trade pairings, including FTM/BTC, FTM/USDT, and FTM/ETH.
The move came as a support for the token’s rebranding. Additionally, the platform had stated that FTM withdrawals and deposits would no longer be processed by the exchange. After that, on January 16, 2025, when trading for the new Sonic (S) coin begins, pairings including S/BTC, S/BNB, and S/USDT will become live.
Binance’s Move Stays in Tandem With Other Market Players
Not just Binance but previously even Crypto.com had declared that it would facilitate the rebranding of Sonic ($S) from the Fantom ($FTM) token swap.
The platform also declared that FTM, which was taken off from the Crypto.com App and Exchange, will be reissued as $S. As part of the rebranding, FTM trading, deposits, and withdrawals were permanently suspended from Binance.
What Will the New $S Rebrand Include?
A substantial improvement over the existing 30 TPS, the Sonic blockchain is expected to achieve over 2,000 transactions per second after the update, with a finality time of approximately one second.
On a closed testnet with simulated traffic, this capability—a maximum theoretical throughput of 2,000 TPS with a time to finality of 729 milliseconds—has already been demonstrated.
Furthermore, according to Sonic, it can reduce storage demand by up to 90%, which decreases node operating costs and increases the network’s attractiveness.
The ecosystem will be able to support a range of high-frequency decentralized applications without sacrificing security or decentralization due to its full compatibility with the Ethereum tool chain and contracts.
Also Read: Former Fantom CEO Faces Setback as South Korean Supreme Court Dismisses Appeal
$S Price Prediction: What to Expect?
With the current rebrand, the technical indicators reveal that the Fear & Greed Index for the token is 75 (Greed), while the attitude is now neutral.
Over the previous 30 days, Fantom saw 8 out of 30 (27%) green days and 20.22% price volatility. But this is likely to change with the $S stating a new journey on platforms.
With 16 technical analysis indicators indicating bullish signs and 14 indicating bearish signals, the overall sentiment of the token price projection is neutral.
One well-liked indicator for determining if a cryptocurrency is overbought (above 70) or oversold (below 30) is the Relative Strength Index (RSI) momentum wave. The FTM market is in a neutral position at the moment, as indicated by the RSI reading of 41.32.
Also Read: Sonic Labs Prepares For Public Launch Of Its Layer-1 Blockchain Amid Token S Airdrop Hype