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

  • European economic outlook worries investors

    TL;DR Breakdown Investors are increasingly concerned about a potential economic downturn in Europe. Policy mistakes by the European Central Bank and inflation issues are contributing to the uncertainty. U.S. markets demonstrate resilience, contrasting the faltering European growth. Description Investor confidence across the continent is being tested as signs point to a potentially painful economic downturn in Europe. Contrasted with a rising optimism in the U.S., which seems set for a “soft landing,” the European scene appears to be mired in uncertainty and disarray. Financial markets are reflecting these concerns, but what exactly is … Read more Investor confidence across the continent is being tested as signs point to a potentially painful economic downturn in Europe. Contrasted with a rising optimism in the U.S., which seems set for a “soft landing,” the European scene appears to be mired in uncertainty and disarray. Financial markets are reflecting these concerns, but what exactly is causing this alarm? Let’s dive in. A faltering growth dynamic in Europe Economists and fund managers alike are witnessing troubling indicators that Europe’s economy is faltering, specifically in the…

    Article 2023年8月4日
  • Fed’s prolonged high interest rate outlook sparks debate as bank deposits decline

    TL;DR Breakdown The Federal Reserve’s stance on keeping interest rates “higher for longer” has sparked discussions about the central bank’s future policies. Policymakers like Governor Michelle Bowman and Boston Fed President Susan Collins support sustained rate hikes, citing the need to combat persistently high inflation. As interest rates rise, banks face a dilemma as they’ve seen a significant decline in deposits since March 2022, as cash flowed into money-market funds. Description The Federal Reserve (Fed) has recently emphasized the expectation that interest rates will remain “higher for longer.” That implies that even after the current cycle of rate increases, interest rates will stay elevated compared to what the Fed believes is necessary for sustaining economic growth, with inflation around 2%. The specific duration of “longer” has … Read more The Federal Reserve (Fed) has recently emphasized the expectation that interest rates will remain “higher for longer.” That implies that even after the current cycle of rate increases, interest rates will stay elevated compared to what the Fed believes is necessary for sustaining economic growth, with inflation around 2%. The specific…

    Article 2023年9月24日
  • Binance’s BNB Chain Gears Up for Major Upgrades

    TL;DR Breakdown Binance’s BNB Chain is set for two major hard forks in August 2023: Plato introduces the BEP-126 evolution proposal for enhanced security, while Hertz focuses on aligning with the latest EVM developments. The upgrades aim to reduce chain reorganization risks, stabilize block production, and ensure BNB Chain’s compatibility with recent Ethereum forks. Description In a move that has captured the crypto community’s attention, Binance‘s BNB Chain is poised to undergo two significant hard forks this August. These upgrades, Plato and Hertz, are set to bolster the network’s security and enhance its compatibility with other Ethereum Virtual Machine (EVM) blockchains. The first of these, the Plato upgrade, took place … Read more In a move that has captured the crypto community’s attention, Binance‘s BNB Chain is poised to undergo two significant hard forks this August. These upgrades, Plato and Hertz, are set to bolster the network’s security and enhance its compatibility with other Ethereum Virtual Machine (EVM) blockchains. The first of these, the Plato upgrade, took place on August 10, introducing the BEP-126 evolution proposal. This proposal is designed…

    Article 2023年8月10日
  • Israeli crypto entrepreneur faces charges in $290 million fraud case

    TL;DR Breakdown sraeli police recommend charging Moshe Hogeg with fraud and other crimes after a two-year investigation into his alleged misuse of $290 million in crypto projects. The investigation involved 180 interviews and evidence seizure across countries; Hogeg denies all allegations. The case is now with prosecutors, and details have emerged about Hogeg’s collaboration with a former mayor in a deal to sell Beitar Jerusalem Football Club. Description Israeli police have concluded a two-year investigation into cryptocurrency entrepreneur Moshe Hogeg, recommending that he be charged with a series of crimes, including fraud, theft, money laundering, and sex crimes. The accusations stem from Hogeg’s alleged misuse of $290 million raised from investors for various crypto projects. Allegations of fraud, theft, and money laundering surface … Read more Israeli police have concluded a two-year investigation into cryptocurrency entrepreneur Moshe Hogeg, recommending that he be charged with a series of crimes, including fraud, theft, money laundering, and sex crimes. The accusations stem from Hogeg’s alleged misuse of $290 million raised from investors for various crypto projects. Allegations of fraud, theft, and money laundering…

    Article 2023年8月25日
  • Avalanche price analysis: AVAX crashes to $14.4

    TL;DR Breakdown Avalanche price analysis is bearish today. The strongest resistance is present at $17.4. The trading price of AVAX is $14.46 at the time of writing. Avalanche price analysis indicates the emergence of a bearish trend that is progressively gaining strength, with substantial potential for further downward movement. The AVAX/USD trading pair is currently priced at $14.4, indicating a 0.88% decrease over the last 24 hours. The market witnessed a substantial decline in the previous day, marked by a swift downward trend. However, the market has shown signs of positive bullish activity at the start of today, following its drop below the $14.3 level. Additionally, there has been a decrease in market volatility, creating a favorable environment for potential recovery by bullish investors. As of today, the price of Avalanche (AVAX) stands at $14.48, accompanied by a 24-hour trading volume of $106.18 million. The market capitalization of Avalanche is estimated to be $4.82 billion, with a market dominance of 0.42%. Over the past 24 hours, the AVAX price has experienced a decrease of -0.93%. The current sentiment for Avalanche’s…

    Article 2023年5月22日
TOP