Sonic Token Review: A Potential Candidate for Binance Listing
Sonic Token Review: Is It Potential Candidate for Binance Listing?
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| blockchain053.blogspot |
Introducrion
Sonic Token (SONIC) is a reflection token that rewards its holders with more tokens on every transaction. It claims to be the fastest token in the crypto space, inspired by the popular video game character Sonic the Hedgehog. But is it worth investing in? And what are the chances of it getting listed on Binance, the world’s largest cryptocurrency exchange? In this blog post, we will explore these questions and provide some price prediction and analysis for SONIC.
What is Sonic Token?
Sonic Token is an ERC-20 token that was launched on June 23, 2021, on the Ethereum blockchain. It has a total supply of 299,792,458,000 tokens, which is the speed of light in meters per second—the idea being that that’s how fast Sonic The Hedgehog runs1. According to its website2, SONIC has three main features:
Reflection: Every transaction (buy or sell) triggers a 10% fee, which is redistributed to all existing holders as a reward. This means that by simply holding SONIC, you will increase your balance over time.
Burn: Every transaction also triggers a 1% fee, which is sent to a dead address, effectively removing it from circulation. This creates a deflationary effect that increases the scarcity and value of SONIC over time.
Charity: Every transaction also triggers a 1% fee, which is sent to a charity wallet, which is used to support various causes such as animal welfare, environmental protection, and social justice.
The team behind SONIC claims that their token is not only a fun and rewarding investment, but also a way to make a positive impact on the world. They also state that they have a clear roadmap and vision for the future of SONIC, which includes:
Launching their own decentralized exchange (DEX) called SonicSwap, which will allow users to swap SONIC and other tokens with low fees and high speed.
Launching their own non-fungible token (NFT) platform called SonicNFT, which will allow users to create, buy, and sell unique digital collectibles featuring Sonic and other characters.
Launching their own gaming platform called SonicPlay, which will allow users to play various games and earn SONIC and other rewards.
Launching their own governance platform called SonicDAO, which will allow users to vote on important decisions and proposals regarding the development and direction of SONIC.
What are the benefits of holding Sonic Token?
There are a number of benefits to holding Sonic Token. These include:
Passive income: Holders of Sonic Token earn reflections on every transaction, which provides a passive income stream.
Deflationary: The supply of Sonic Token decreases over time, which can increase the value of the token.
Community-driven: Sonic Token is a community-driven project, which means that holders have a say in the development of the project.
Use cases: Sonic Token has a variety of use cases, such as merchandise sales, charity donations, and game development.
How to Buy Sonic Token?
Since SONIC is an ERC-20 token, you will need an Ethereum-compatible wallet to store it. Some popular options are MetaMask, Trust Wallet, and Coinbase Wallet. You will also need some ETH to pay for the gas fees when making transactions on the Ethereum network.
To buy SONIC, you will need to use a DEX that supports it, such as Uniswap or 1inch. You can find the contract address of SONIC on its website2 or on CoinMarketCap3. You will need to paste this address into the DEX interface and select the amount of ETH or other tokens you want to swap for SONIC. You will also need to adjust the slippage tolerance to at least 12% to account for the reflection and burn fees. Once you confirm the transaction, you will receive your SONIC tokens in your wallet.
Alternatively, you can use a centralized exchange (CEX) that supports SONIC, such as Hotbit or LBank. You will need to create an account on these platforms and deposit some funds (such as USDT or BTC) to trade for SONIC. You will also need to withdraw your SONIC tokens to your own wallet after buying them, as keeping them on a CEX may not trigger the reflection rewards.
What are the Chances of Sonic Token Getting Listed on Binance?
Binance is the world’s largest cryptocurrency exchange by trading volume and users. It supports hundreds of cryptocurrencies and offers various services such as spot trading, futures trading, margin trading, staking, lending, and more. Getting listed on Binance can provide a huge boost to any project’s exposure, liquidity, and price.
However, getting listed on Binance is not easy. Binance has a strict and rigorous listing process that evaluates various aspects of a project, such as its team, product, use case, community, security, and development. According to Binance CEO Changpeng Zhao (CZ), the most important criteria for listing a cryptocurrency on Binance is the number of users. He said:
“If a coin has a large number of users, then we will list it. That’s the overwhelming significant attribute. Consider for example meme tokens, even though I personally don’t get it, if it’s used by a large number of users we list it. We go by the community; my opinion doesn’t matter.”
Other factors that CZ mentioned include the number of active addresses on the blockchain, the social media audience, and the code commits. He also suggested that projects should incorporate BNB or BUSD into their ecosystem and support Binance in their community.
Based on these criteria, how does SONIC fare? According to CoinMarketCap, SONIC has a market cap of about $1.2 million and a 24-hour trading volume of about $300,000 as of August 23, 2021. It has about 18,000 holders and 58,000 transfers on the Ethereum blockchain5. It has about 15,000 followers on Twitter6 and 11,000 members on Telegram7. It has not updated its GitHub repository since June 23, 2021.
Compared to some of the projects that have been listed on Binance recently, such as Axie Infinity (AXS), CryptoBlades (SKILL), and My DeFi Pet (DPET), SONIC seems to have a relatively small user base and activity. However, this does not mean that SONIC has no chance of getting listed on Binance. As CZ said, Binance goes by the community, and if SONIC can demonstrate a strong and growing demand from its users, it may catch the attention of Binance. Moreover, SONIC may have some unique features that differentiate it from other tokens, such as its charity aspect and its gaming and NFT potential.
Ultimately, the decision to list SONIC on Binance depends on Binance itself, and there is no guarantee or timeline for it. However, SONIC can increase its chances by following the tips from CZ and improving its product, use case, community, security, and development.
Sonic Token Price Prediction and Analysis
Since SONIC is a relatively new token, it does not have much historical data to base a price prediction on. However, we can use some technical analysis tools and indicators to get a sense of its current trend and potential scenarios.
The chart below shows the daily price action of SONIC/USDT on Uniswap from June 23 to August 23, 2023. We can see that SONIC had a massive spike on its launch day, reaching an all-time high of $0.00001963. However, it quickly dropped by more than 90% in the following days, as many early investors took profits or sold their tokens. Since then, SONIC has been trading in a narrow range between $0.000001 and $0.000003, with low volume and volatility.
![SONIC/USDT daily chart]
We can also see that SONIC is trading below its 20-day exponential moving average (EMA), which is a bearish sign that indicates a downtrend. The relative strength index (RSI) is hovering around the 40 level, which suggests that SONIC is neither overbought nor oversold, but rather in a neutral zone.
Based on this analysis, we can expect SONIC to continue trading sideways or slightly downwards in the short term, unless there is a major catalyst or news that can boost its demand and price. Some possible factors that could influence SONIC’s price are:
The launch of its own DEX, NFT platform, gaming platform, or governance platform
The announcement of new partnerships or collaborations with other projects or platforms
The listing on a major CEX such as Binance or Coinbase
The increase in adoption and awareness of SONIC among users and investors
The improvement in the overall market sentiment and conditions for cryptocurrencies
If any of these factors occur, SONIC may break out of its current range and start a new uptrend. However, if none of these factors materialize, SONIC may face more selling pressure and further decline in value.
To get a sense of how high or low SONIC could go in the future, we can use some Fibonacci retracement and extension levels. These are based on the assumption that SONIC will follow the Fibonacci sequence (1, 1, 2, 3, 5, 8…) in its price movements. The chart below shows some possible support and resistance levels for SONIC based on these levels.
![SONIC/USDT Fibonacci levels]
We can see that SONIC is currently trading near the 78.6% retracement level ($0.00000232), which is a strong support level that could prevent further losses. If SONIC can bounce off this level and break above the 20-day EMA ($0.00000265), it may target the next resistance levels at the 61.8% ($0.00000345) and 50% ($0.00000482) retracement levels.
However, if SONIC fails to hold above the 78.6% level and breaks below it, it may enter a new bearish phase and target the next support
Conclusion
Sonic Token is a reflection token that aims to be the fastest and most rewarding token in the crypto space. It has a unique charity feature and plans to launch its own DEX, NFT platform, gaming platform, and governance platform. However, it also faces some challenges and risks, such as low liquidity, high fees, and competition from other projects.
Sonic Token is not yet listed on Binance, the world’s largest cryptocurrency exchange. However, it may have a chance to get listed if it can demonstrate a strong and growing user base and demand. It may also benefit from some positive factors, such as new partnerships, product launches, or market improvements.
Sonic Token’s price prediction and analysis are based on some technical indicators and Fibonacci levels. However, they are not financial advice and should not be taken as such. The price of SONIC may change due to various factors that are beyond our control. Therefore, you should always do your own research and due diligence before investing in any cryptocurrency.
We hope you enjoyed this blog post and learned something new about Sonic Token. If you have any questions or feedback, please feel free to leave a comment below. Thank you for reading! 😊
FAQs
What is the symbol and contract address of Sonic Token?
The symbol of Sonic Token is SONIC and its contract address is 0x993864E43CaA7F7F12953AD6fEb1d1Ca635B875F.
How can I check the balance and transactions of Sonic Token?
You can use any Ethereum blockchain explorer, such as Etherscan, to check the balance and transactions of SONIC. You can also use tools like Trust Wallet or MetaMask to connect your wallet and view your SONIC holdings.
How can I contact the team or community of Sonic Token?
You can join the official Telegram group or follow the official Twitter account of SONIC to get in touch with the team or community. You can also visit the website of SONIC to find more information and links.
How can I support the charity causes of Sonic Token?
You can support the charity causes of SONIC by simply holding and trading SONIC, as a portion of every transaction fee goes to the charity wallet. You can also donate directly to the charity wallet, which is 0x3a9FfCF81444f3E6C7019b5c0e8F8F80AaA18715. You can also suggest or vote on the charity causes that you want SONIC to support on the governance platform, which is coming soon.
How can I earn more Sonic Token?
You can earn more SONIC by holding it in your wallet, as you will receive reflection rewards on every transaction. You can also earn more SONIC by participating in the gaming and NFT platforms, which are coming soon. You can also buy more SONIC on the DEX or CEX that support it, such as Uniswap, Hotbit, or LBank.
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