Andre Cronje, Michael Kong, and David Richardson have resigned from the Sonic Labs board, leaving Matt Visser as the new chief executive — the second CEO in nine months for the beleaguered blockchain project. The departures come as Sonic’s native token, S, trades near all-time lows, down roughly 91% from its January 2025 peak of $1.03.
Token and TVL in freefall
S changed hands at about $0.029 on Wednesday, a 6% drop in 24 hours and a 37% slide over the past month. Its market capitalization sits at roughly $111 million, ranking near 250th among cryptocurrencies. The total value locked on Sonic has cratered from over $1.1 billion in 2025 to about $18 million — a collapse of roughly 98%. The Relative Strength Index for S stands at 32.50, just above oversold territory and below its signal line, a setup that usually signals fresh selling pressure. Key support sits at $0.028; a daily close below that could trigger a retest of the record low of $0.0277.
New CEO, same uphill climb
Matt Visser, stepping into the CEO role, said he isn’t promising an instant turnaround. Instead, he aims to make Sonic 1% better every day. Sonic Labs claims it has no venture capital unlocks, a diversified treasury, and has merged 400 pull requests, shipped two releases, and runs a private testnet for version 2.2.0. But critics argue the resignations during a downturn erode trust, questioning whether Sonic was just another stop for Cronje. Cronje previously built decentralized finance projects and left them abruptly in 2022. He is now building a new exchange called Flying Tulip.
Market skepticism and a looming migration
Bobby Ong, co-founder of CoinGecko, offered a blunt assessment: the token is down 90% in the last year and the market likely hasn’t bottomed yet. Adding to the uncertainty, the Fantom Opera network shutdown is scheduled for June 30, 2026, which may inject extra volatility as holders finish migrating to Sonic. For now, the S token’s chart shows little relief, and the new CEO faces a steep rebuild — one day at a time.
