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- 🚀 ETH jumped to $4,600 this morning, up 8.69% in 24h!
Just shy of the $4,891 ATH—think it breaks through?
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Wintermute sells Sonic token (S)
Wintermute has reduced its holdings of the $S token from 11 million to just 1.29 million over the past few weeks, indicating a strategic sell-off that may be related to portfolio restructuring or debt repayment. This move comes after a sell-off in May 2025 that caused the price of $S to fall by 30%.
Nevertheless, Sonic Labs remains optimistic thanks to the token burning mechanism not yet utilized in the official documentation – for instance, if only 5 million tokens are used out of a total of 47.625 million minted, then the remaining 42.625 million will be burned to combat inflation, reducing the circulating supply.
As one of the leading algorithmic trading funds, Wintermute's actions can significantly impact the liquidity of the $S token market, not merely a "sell-off", but a calculated move in the context of the $3.29 trillion crypto market, according to an update from LiveMint on June 9, 2025.