Key Takeaways:
Sonic surged 162% in February, benefiting from its rebranding and strong DeFi adoption, with its TVL growing by 134%. Mantra doubled in price, rising by 93.75%, as interest in RWAs and key partnerships fueled its growth. DeFi blue chips like Lido DAO, Aave, and Ethena saw major losses, with Ethena dropping nearly 48% due to panic selling and liquidity concerns. Jito outperformed Solana in fees and revenue, generating $261M YTD, reinforcing liquid staking as a top crypto trend in 2025. Crypto narratives like RWAs, CEXs, and lending saw smaller declines, while DeSci, NFTs, and GameFi were among the worst performers.February was a challenging month for the crypto market, often described as a “bloodbath.” Here’s a look at what happened to altcoins during this period.
Sonic Grew 162% in February, While the Market Declined
Sonic (S) served as a safe haven for some traders while most of the crypto market was in decline. Although the rebranding from Fantom (FTM) took place in January 2025, the coin attracted most of its attention in February.
While the broader market saw one of its deepest corrections, Sonic’s price increased.
S traded at $0.37 on Feb. 3 before rising sharply. By Feb. 21, it had reached $0.97, the highest price of the month.
This marks a 162% price increase. Sonic also became the fastest-growing decentralized finance (DeFi) protocol by TVL among the top 20. In February, its total value locked grew by 134% to $676.5 million.
Why Is Sonic Price Growing? Experts Weigh In
Tim Delhaes, CEO and co-founder of Grindery, believes Sonic’s growth is driven by its positioning as a utility-focused project rather than a meme coin:
The January rebrand (ex-Fantom) and mainnet launch reignited hype, backed by real growth: TVL +172%, top-tier DeFi revenue, and 10K+ TPS scalability. Unlike meme pumps, Sonic’s betting on utility, drawing inevitable Solana comparisons (especially post-meme coin drama).
Julian Beltran, CTO and co-founder of Stabolut, also sees the rebranding as a key factor behind Sonic’s rise:
The rebrand wasn’t just a name change—it came with serious tech upgrades that boosted speed and cut costs. This, coupled with eye-popping performance stats and some savvy market moves, caught investors’ attention big time.
According to Julian Beltran, this transformation gave the former Fantom network a second wind, attracting developers and potential partners:
Sonic’s ecosystem expanded rapidly, drawing in developers with attractive incentives and forging key partnerships. All this buzz translated into real numbers: the price jumped from $0.37 to $0.97 in a month—a whopping 162% gain.
Mantra Price Doubled in February
Mantra (OM) was one of the top performers among the top 100 coins by market cap. In February, OM rose from $4.64 (the month’s lowest price on Feb. 3) to an all-time high (ATH) of $8.99 on Feb. 23.
The Mantra price increased by 93.75% in February.
Mantra is part of the Real World Assets (RWA) sector and ranks second in market cap at $6.8 billion. Chainlink (LINK) holds the top spot with $8.8 billion, while Ondo (ONDO) is third with $2.9 billion.
What’s Next for Mantra? Price Prediction and Outlook
Mantra has emerged as one of the top-performing RWA coins and a leader in the broader crypto market. The question remains whether OM’s price can sustain this trend in March.
Julian Beltran told Cryptonews that several factors have contributed to Mantra’s price surge:
They’ve formed partnerships with companies like Google Cloud and DAMAC Group. Their blockchain is designed with regulations in mind. They’ve also received $11 million in funding. The market for tokenized assets, where Mantra operates, is currently valued at $38 billion.
Tim Delhaes also shared his perspective with Cryptonews, emphasizing Mantra’s strong track record:
MANTRA’s RWA vision is paying off. Their $500M Dubai real estate deal and $1B partnership with DAMAC scream institutional validation. With asset tokenization being ‘the next-gen markets’ (BlackRock’s words, not mine), OM isn’t just hype—it’s fundamentals.
New Altcoins: Story Rises in the Crypto Market
Story (IP) began trading on crypto exchanges on Feb. 14 at $1. During February, the coin reached new all-time highs multiple times.
The latest increase occurred on Feb. 26, when the price rose to $7.31. In nearly two weeks, IP grew by 631%, while the rest of the crypto market declined.
Story outperformed Mantra but did not become the fastest-growing coin of February since it only started trading mid-month.
Analyst Sees Story’s Long-Term Prospects as ‘Solid’
Tim Delhaes outlined several factors behind the sharp rise in IP’s price in February following its mainnet launch and exchange listings:
Post-mainnet, Story’s IP token rebounded fast, doubling from its lows and hitting the AI coin narrative hard. New exchange listings, tokenized IP rights, and strong social buzz fueled the surge. A little profit-taking hit, but the long-term vision? Solid.
Anastasija Plotnikova, CEO and co-founder of Fideum, told Cryptonews that AI integration also contributed to Story’s momentum:
Story Protocol’s $IP token surged after launching its mainnet, making on-chain IP management easier, while a16z’s $140M backing and AI-driven marketing fueled the hype.
A crypto trader and analyst known as LaCryptoLuycos also sees IP as one of the strongest altcoins on the market.
DeFi Blue Chips Ranked Among the Biggest Losers in February
Lido DAO (LDO), Aave (AAVE), and Ethena (ENA) led the declines in February.
Despite being among the top 10 decentralized finance protocols by Total Value Locked (TVL), these projects could not withstand the market downturn.
As Tim Delhaes emphasized, this month has been “brutal” for blue-chip DeFi, though he remains optimistic about their future:
Even with Aave pulling $67M in fees and Lido leading ETH staking, panic-selling took over. Ethena’s March 5 unlock (66% of supply) fueled an epic $12M whale dump. Fundamentals are solid, but in this market, liquidity rules. Market’s shaky, but we could argue that real utility is winning.
Jito Overtakes Uniswap and Solana in Fees and Revenue
In recent months, Solana has typically ranked among the top five in fees and revenue. However, in February 2025, it dropped to sixth place. At the same time, Jito, a liquid staking protocol, took third place despite a significant decline over the month.
Uniswap ranked fifth in fees, though revenue data is unavailable.
This is notable as Jito is part of the Solana ecosystem, which has faced reputational issues due to meme coin scams. Jito generates less revenue than Solana, as it is limited to liquid staking, while Solana operates across multiple sectors.
Tim Delhaes sees Jito as one of the key players in the passive yield sector this year:
Solana’s Jito is making history—its fees even surpassed Solana’s own L1 fees. With $261M YTD revenue (second only to Tether) and 3.6B SOL locked, liquid staking isn’t slowing down. It’s 2025’s hottest passive yield play—and the numbers prove it.
This suggests that liquid staking could emerge as a key narrative in crypto and remains a trend to watch.
Anastasija Plotnikova believes that the market’s shift toward liquid staking may have contributed to the decline of blue-chip DeFi projects:
Jito’s rising fees reflect the growing appeal of liquid staking in a slow market, as users look for flexible yield opportunities. On the flip side, DeFi blue chips like Lido, Aave, and Ethena have been hit hard, dropping over 40% in a month, likely due to low trading volumes and investors rotating into hotter narratives like liquid staking and RWAs.
Which Crypto Narratives Stood Out in February 2025?
While liquid staking is emerging as a potential safe source of income during market turbulence, other sectors have also gained attention.
All crypto narratives ended in red in February due to the overall market correction. However, some sectors saw smaller declines, including centralized exchanges (CEXs), lending, and RWAs.
Among the worst-performing sectors were Decentralized science (DeSci), Non-fungible tokens (NFTs), and GameFi.
This aligns with broader market trends. During corrections, traders seek safer sectors. BNB (BNB) is the largest coin in the CEX category, with a market cap of $82.9 billion. Its price remained relatively stable compared to the broader downturn.
Lending protocols, which provide crypto borrowing options, are widely used in DeFi for liquidity. When markets decline, investors often turn to safer assets like stablecoins.
Lending platforms offer relatively high yields on stablecoin deposits, making them attractive during volatility. One example is Maker (MKR), which rose by 105.44% in February, from $864 to $1,775.
RWAs remain a promising sector, bridging cryptocurrencies with traditional finance. This sector has shown growth, partly driven by Mantra. Analysts interviewed by Cryptonews also support this view.
What to Expect in March
March will be a key test for altcoins after February’s volatility, with investors watching whether recovering sectors like RWAs and liquid staking can sustain momentum. DeFi blue chips may struggle unless liquidity improves, while projects tied to trending narratives could see renewed interest.
Sonic and Mantra, which outperformed the market last month, will need strong fundamentals to maintain their gains. Story’s growth could continue if AI-related hype persists, but profit-taking remains a risk. Overall, market sentiment will likely hinge on Bitcoin’s price action and macroeconomic factors influencing risk assets.
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