Sonic's bounce looks loud on-chain, but its user count is whispering 🫥

Sonic [S] has climbed sharply over the past day, yet on-chain data suggests the rebound rests on a narrow base as the network continues to post a steep drop in active users. According to the latest figures, chain transactions rose from 128,600 to 238,400 across the period, close to a doubling, while spot volume jumped from $678,600 on 30 June to $1.6 million at press time, roughly 2.35 times more capital changing hands. Daily active users held largely flat in the interim, ranging from 7,600 on 25 June to 6,400 in the latest data, a subdued level that stands out against Sonic's peak of 62,200 daily active users on 4 June, a figure that has since fallen nearly tenfold.

The wider 30-day view reinforces that picture. Chain transactions and on-chain spot volume are down 65% and 31.6%, respectively, placing overall network performance in recovery rather than full expansion. Rising on-chain activity has supported price in the short term, but the limited user pool leaves the chain underused and leaves no clear bullish case yet to emerge.

Off-chain positioning on exchanges adds context. The perpetual market for S carried a Funding Rate of 0.0052% at press time, indicating that perpetual traders have positioned for additional upside even as that upside remains short-lived. S had already fallen roughly 97% from its January 2025 peak of $1.03 by the time recent governance changes took effect.

Those changes included the resignations of longtime board members Andre Cronje, Michael Kong, and David Richardson, with Matt Visser stepping in as chief executive. Sonic Labs, the team behind the token, also halted its scheduled 47.6 million S annual mint, equal to 1.5% of supply, stepping back from the yearly inflation it began issuing in 2025.