Sonic Labs replaces its entire executive layer as meme-driven growth gives way to a harder reckoning

Sonic Labs has replaced its entire executive leadership, with CEO Mitchell Demeter and head of business development Evan Owens both departing in February 2026. The company is now burning 32.69 million unclaimed S tokens and overhauling its developer fee model as it attempts to rebuild credibility after its token fell more than 96% from its January 2025 all-time high.