Sei token price declines 33% after airdrop expansion

TL;DR Breakdown

  • Sei token’s price dropped 32.59% to $0.182 after airdrop claims, following a 2000% surge with the mainnet launch.
  • The price drop led to speculation about Sei’s stability, with trading now at a market capitalization of $322 million.
  • Despite the decline, Sei’s mission and unique features suggest potential price stability, with anticipation around Sushiswap’s network debut.

Description

The Sei Network’s native token, Sei, has experienced a significant 32.59% price drop from $0.27 to $0.182 after opening airdrop claims. However, this decline came on the heels of an initial 2000% surge following the successful launch of the Sei mainnet. FurtThe Sei Foundation released its blockchain in the mainnet beta phase on August 15. … Read more

The Sei Network’s native token, Sei, has experienced a significant 32.59% price drop from $0.27 to $0.182 after opening airdrop claims. However, this decline came on the heels of an initial 2000% surge following the successful launch of the Sei mainnet. FurtThe Sei Foundation released its blockchain in the mainnet beta phase on August 15. It later expanded the number of eligible wallets for the airdrop from 500,000 to 1.5 million in response to fervent demand.

This expansion included users from various blockchain networks such as Ethereum, Polygon, Arbitrum, BNB Chain, Solana, Optimism, and Osmosis. The airdrop allowed users to access and potentially sell off their coins, leading to a substantial price drop.

Market impact due to price drop

The price drop of Sei has raised eyebrows in the crypto community and led to speculations about the token’s stability and future prospects. Airdrop recipients appeared to have dumped their holdings while complaints flooded X (formerly Twitter) about the scantiness of the allocations.

As part of the airdrop, the Sei team set aside 3% of its total supply, translating to 300 million coins. This quantity forms part of the 1.8 billion Sei coins currently circulating out of a total supply of 10 billion coins.

Due to the price drop, Sei coins are trading at a market capitalization of $322 million and a fully diluted value of $1.7 billion.

Will Sei token increase soon?

As of writing, the Sei token is trading at $1.182, declining by over 18% in the past 24 hours, according to coinmarketcap. 

Sei token price declines 33% after airdrop expansion

Sei token price declines 33% after airdrop expansion

The Sei Network’s mission to create a blockchain for effortless asset exchanges, including assets linked to social platforms, gaming, or NFTs, remains a key focus. The network’s unique features and the anticipation surrounding Sushiswap’s decentralized perpetual futures exchange’s debut on the network add layers to the ongoing market analysis. Also, we might see stability in Sei price soon. 

Nonetheless, traders need to remain cautious when trading and keep an eye on market trends due to the volatility in the crypto market.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

文章来源于互联网:Sei token price declines 33% after airdrop expansion

Disclaimers:

1. You are solely responsible for your investment decisions and this info is not liable for any losses you may incur.

2. The copyright of this article belongs to the writer, it represents the writer's opinions only, not represents the site's ones. Not financial advice.

Previous 2023年8月18日 04:05
Next 2023年8月18日 05:59

Related articles

  • Snoop Dogg’s NFT passport offers virtual fan tour

    TL;DR Breakdown Snoop Dogg has launched an NFT project, the Snoop Dogg Passport Series, offering fans virtual access to his life on tour. The NFT collection includes behind-the-scenes videos, photos, and potential for future exclusive content. The project was developed in partnership with Web3 platform Transient Labs. In a move that further solidifies his reputation as a digital innovator, rap legend Calvin Cordozar Broadus Jr., better known as Snoop Dogg, is once again making waves in the world of Web3 technology. This time, he’s offering fans an unprecedented virtual window into his life on tour through a pioneering Non-Fungible Token (NFT) project. The Snoop Dogg Passport Series, as the venture is known, extends beyond the confines of traditional fan engagement methods. Instead, it provides holders with an all-access pass to an array of exclusive content from Snoop Dogg’s tours, including behind-the-scenes footage, photographs, and a raft of other benefits. Blazing the trail for future digital merchandise Snoop Dogg, always one step ahead of the curve, sees this endeavor as a natural progression into the future of digital merchandising. In a…

    Article 2023年6月17日
  • VeChain price analysis: VET gradually enters bullish trend at $0.0157

    TL;DR Breakdown VeChain price analysis is bearish today. The strongest resistance is present at $0.0219. The trading price of VeChain is $0.0157. VeChain price analysis shows that the price of VET/USD has followed a strong upwards trend in the last 24 hours. The price of VeChain has exhibited a consistent upward trajectory, demonstrating significant growth and approaching the critical threshold of $0.016. The prevailing market sentiment is optimistic, as VeChain exhibits a favorable upward trend. Over the preceding 48-hour period, the price has gained positive momentum, escalating from $0.0152 to $0.0157, with a peak of $0.0160 observed during the course of the day. Currently, the value of VeChain stands at $0.0157. As of today, VeChain’s price stands at $0.015821, accompanied by a 24-hour trading volume of $49.12M. The cryptocurrency has a market capitalization of $1.15B, contributing to a market dominance of 0.11%. In the past 24 hours, the price of VET has increased by 1.46%. Currently, the sentiment surrounding VeChain’s price prediction is bearish, while the Fear & Greed Index indicates a neutral value of 47. VeChain’s circulating supply currently amounts…

    Article 2023年6月15日
  • Financial Giants Pave the Way for Ethereum Futures ETFs

    TL;DR Breakdown Financial giants are rushing to apply for Ethereum futures ETFs following the successful launch of Bitcoin ETFs. Despite a 2% price increase in Ethereum, options data suggest a negative outlook for the cryptocurrency over the next six months. Description In the wake of the successful applications for spot Bitcoin ETFs in mid-June 2023, several financial giants are now turning their attention to Ethereum futures ETFs. The move has brought strong optimism to the broader crypto community, as these companies look to diversify their offerings beyond Bitcoin. Six prominent financial firms, including Volatility Shares, Bitwise, … Read more In the wake of the successful applications for spot Bitcoin ETFs in mid-June 2023, several financial giants are now turning their attention to Ethereum futures ETFs. The move has brought strong optimism to the broader crypto community, as these companies look to diversify their offerings beyond Bitcoin. Six prominent financial firms, including Volatility Shares, Bitwise, Roundhill, VanEck, Proshares, and Grayscale, have recently filed applications for Ethereum futures ETFs. The applications were reported by Eric Balchunas, a senior ETF analyst at Bloomberg,…

    Article 2023年8月2日
  • Just how important is Bitcoin’s global investment to TradFi?

    TL;DR Breakdown Investors have witnessed a rather lunatic craze around Bitcoin and the crypto industry that begs the question of how much global wealth is invested in BTC.  Bitcoin wealth sits at around 0.11% of the estimated total global wealth worth. September has witnessed historic lows as market sell-off intensifies. Description In the rapidly evolving landscape of financial markets, one term has become increasingly prevalent—Bitcoin. Once dismissed as a speculative bubble or a tool for illicit activity, Bitcoin has matured into a complex, multi-faceted asset that holds transformative potential for traditional financial systems, often referred to as “TradFi” or Traditional Finance.  On September 11, 2023, one … Read more In the rapidly evolving landscape of financial markets, one term has become increasingly prevalent—Bitcoin. Once dismissed as a speculative bubble or a tool for illicit activity, Bitcoin has matured into a complex, multi-faceted asset that holds transformative potential for traditional financial systems, often referred to as “TradFi” or Traditional Finance.  On September 11, 2023, one bitcoin was worth approximately $25,867 per coin. There were over 19,48 million bitcoins in circulation, valuing…

    Article 2023年9月12日
  • US Judge grants SEC permission to seek South Korea’s assistance in Terraform Labs case

    TL;DR Breakdown A U.S. judge approved the SEC’s request to question Terraform Labs’ co-founder Daniel Shin in South Korea, part of the case involving the $40 billion crypto  loss. The inquiry will examine Chai Corp.’s payments, Terraform’s blockchain use, and allegations of fraudulent cryptocurrencies and deceptive transactions. Description U.S. District Judge Jed Rakoff has granted the Securities and Exchange Commission (SEC) to engage the South Korean government’s cooperation in questioning Daniel Shin, the co-founder of Terraform Labs, and in gathering evidence from Chai Corp., a payments company.  This decision marks a significant development in the SEC’s case against Terraform Labs and its ex-CEO, … Read more U.S. District Judge Jed Rakoff has granted the Securities and Exchange Commission (SEC) to engage the South Korean government’s cooperation in questioning Daniel Shin, the co-founder of Terraform Labs, and in gathering evidence from Chai Corp., a payments company.  This decision marks a significant development in the SEC’s case against Terraform Labs and its ex-CEO, Do Kwon, concerning an alleged illicit scheme that led to the loss of about $40 billion in cryptocurrency value….

    Article 2023年8月19日
TOP