Sonic's S token drops 5% as key founders resign amid 97% value plunge and leadership turmoil.

Sonic Labs saw a 5% drop in its S token after founders Andre Cronje, Michael Kong, and David Richardson resigned from the board. The token has lost about 97% of its value from its all-time high, with total value locked (TVL) plummeting from over $1 billion to $20 million. New CEO Matt Visser faces the challenge of reversing this decline amid ongoing leadership changes. Investors remain cautious as the project struggles to regain liquidity and user interest in a tough DeFi environment.