Theory: bcs the liquidity for S/USDC is so fat, it takes more USD to buy up the S price.
Maybe if you compare buy volumes leading up to FTM peak vs recent Sonic peak, we might have had enough dry powder to blow past ath, but bcs of airdrop farming, we're a 40c stablecoin. 🤷♂️
Instead, the airdrop mostly rewards users who do endless liquidity looping and then just sit on their stack for several months. Stagnating everyone's liquidity.