Sei Takes A Hit: Price Suffers 26% Plunge Amid Airdrop Claim Expansion
August 17 2023 - 10:30PM
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Sei, a specialized trading network within the Cosmos ecosystem, has
recently recorded a significant downward trend. Notably, on a
day rife with anticipation, the price of Sei plunged by more than
20%, plummeting from its initial spike above $0.28 to somewhere
below $0.18. This decline coincided with the Sei Foundation’s
decision to open airdrop claims, arguing free tokens are often
distributed to early participants or testers of a new crypto
project. Related Reading: SEI Token Breaks Into Top 100 One Day
Post-Debut On Major Exchanges Airdrop Details And The Impact On
Sei’s Price The crypto community has since waited with bated breath
for the Sei blockchain to launch and initiate its airdrop. And
finally, on August 15, Sei launched its mainnet beta,
with the airdrop initiatives happening after. Today, the blockchain
reported an upsurge in the number of wallets eligible for the
airdrop. Initially planned for 500,000 wallets, the number swelled
to roughly 1.5 million in response to what the foundation termed
“fervent demand.” Due to fervent demand, Sei Foundation has
increased the number of eligible wallets for the cross-bridge
airdrop from 500K to 1.5M on @ethereum, @0xPolygonLabs, @arbitrum,
@BNBCHAIN, @solana, @optimismFND and @osmosiszone. — Sei Foundation
(@Sei_FND) August 17, 2023 This enlargement incorporated users from
a variety of blockchain networks, including but not limited to
Ethereum, Polygon, Arbitrum, BNB Chain, and Solana. From its coin
supply, the Sei team earmarked 3% specifically for the airdrop.
This translates to a figure of 300 million coins. To put this into
perspective, according to a report by Binance, these coins
form a significant chunk of the 1.8 billion Sei coins currently
circulating out of 10 billion coins. Sei Price Plunges More
Than 20% In The Past Day Sei has plummeted by more than 20% over
the past 24 hours. This plummet contributes to the asset’s fall
from its rank among the top 100 in crypto on the day of launch to a
current rank of 107 among the most prominent crypto by market
capitalization, according to CoinGecko. Despite the token’s listing
on exchanges such as Binance, it has seen quite a plunge in the
past day with a current market price of $1.80, a 22% drop from its
initial trading price above $0.25. The reason behind Sei’s plummet
is evident as it comes amid the asset’s airdrop expansion. It is
worth noting that an event such as an airdrop can often
trigger a cascade of sell-offs as eligible users rush to convert
their newfound assets into cash or other cryptocurrencies.
Alongside its declining value, Sei’s market capitalization plunged
from $413 million on Wednesday to $319 million at the time of
writing. The asset’s trading volume has declined from a high of
$1.2 billion yesterday to $705 million in the past 24 hours.
Related Reading: Kraken Surges Ahead In Altcoin Liquidity To
Overtake Coinbase In US: Kaiko Sei is a new trading-focused
blockchain claiming a faster transaction initiation than its
counterparts. The blockchain touts the capability to execute
sub-second blocks making its transaction more efficient. In the
ever-demanding realm of cryptocurrency trading, where speed is of
the essence, this feature makes the blockchain worth paying
attention to. Featured image from Unsplash, Chart from TradingView
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