Sonic (S) Price: Andre Cronje Exits, Token Down 97% — What’s Happening at Sonic Labs?

TLDR

Andre Cronje, Michael Kong, and David Richardson have all resigned from the Sonic Labs board. The S token has dropped roughly 97% since its January 2025 launch. S is currently trading near $0.029, down about 5% in the past 24 hours. Sonic Labs appointed Matt Visser as new CEO and Kosta Kourkoumelis as COO. Technical indicators show bearish momentum, with RSI at 34 and MACD below zero.

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Sonic Labs has announced a major leadership shake-up as its S token continues to slide. Andre Cronje, the project’s former chief technology officer, has stepped down from the board along with two other senior figures.

Sonic (S) Price

Former Fantom Foundation CEO Michael Kong and executive chairman David Richardson have also resigned. Sonic Labs described the exits as an orderly transition.

Matt Visser has been named the new CEO, and Kosta Kourkoumelis takes over as chief operating officer. The company says the departing board members will no longer make business decisions for the organization.

2/ Michael Kong, Andre Cronje, and David Richardson are resigning from the Sonic Labs board.

They built what Sonic is. They remain invested in its success and are handing it off the right way.

Thank you, from all of us.

— Sonic (@SonicLabs) June 19, 2026

Cronje addressed community criticism directly in a separate statement. He said he stands behind the technology decisions he led but was not responsible for the network migration, airdrop structure, or tokenomics.

“I stand behind the technology and technical decisions I led. I was not the author or decision owner of the migration, airdrop, tokenomics, or legacy-network decisions described above,” Cronje said.

Sonic Labs did not downplay the situation. The company stated plainly that “the token is down” and that community sentiment has weakened.

A 97% Drop Since Launch

The S token launched in January 2025 as part of the network’s migration from Fantom to Sonic. Since then, it has lost roughly 97% of its value.

At the time of the announcement, S was trading near $0.029, down about 5% over the prior 24 hours.

Sonic Labs was originally founded as the Fantom Foundation in 2018. It rebranded following a major network upgrade that replaced the Fantom Opera blockchain with the Sonic layer-1 network.

The company says Sonic can handle up to 10,000 transactions per second with sub-second finality. In March 2026, it launched USSD, a dollar-pegged stablecoin backed by tokenized U.S. Treasury assets.

What the Charts Show

The S token broke below the lower boundary of a bearish flag pattern on the daily chart following a sharp June selloff. The token dropped from around $0.049 to below $0.03 before sellers regained control.

Source: TradingView

The RSI sits at around 34, below the neutral 50 level, showing weak buying demand. The MACD remains below zero despite a recent crossover attempt.

Nearest support is the recent swing low near $0.028. Former flag support around $0.032 has flipped to resistance.

Sonic Labs also plans to introduce more transparent governance processes and a dedicated risk and compliance committee as part of its restructure.

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