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

  • Europe to stop Twitter and Tiktok from advertising crypto

    TL;DR Breakdown BEUC, the European Consumer Organization, seeks stricter regulations on crypto advertising on major social media platforms like Twitter and TikTok. The call for action aims to protect consumers from misleading and potentially harmful financial losses linked to volatile crypto investments. BEUC has urged the Consumer Protection Cooperation Network to enforce stricter advertising policies and measures to control influencer promotions. Europe has decided to take a strong stance against cryptocurrency advertising on influential social media platforms such as Twitter and TikTok. In a bold move that’s bound to resonate throughout the digital landscape, BEUC, the European Consumer Organization, is pushing for a stringent crackdown on crypto asset promotions that, they argue, mislead investors. The umbrella organization has appealed to Brussels to instigate a fresh regulatory framework. The birth of Europe’s crypto clampdown Today, social media platforms are the epicenters of modern communication and information dissemination, which comes with its share of challenges. As the global interest in digital assets surges, BEUC believes that Twitter, TikTok, and similar platforms have been facilitators of questionable cryptocurrency promotions, both through traditional advertising…

    Article 2023年6月13日
  • BRICS nations dump dollar in oil trades

    TL;DR Breakdown The BRICS alliance is challenging the US dollar’s dominance by promoting the use of local currencies in global trade. India recently purchased oil and gold from the UAE using the Rupee, bypassing the US dollar. India and Saudi Arabia are discussing potential oil trades using their local currencies. Description Dollar dominance in the global marketplace has long been the accepted status quo. But the winds of change are gusting, and the BRICS alliance is at the forefront, challenging the hegemony of the US currency. This audacious geopolitical move might just send tremors throughout global financial circuits. The Rise of Local Currencies in Oil Trade … Read more Dollar dominance in the global marketplace has long been the accepted status quo. But the winds of change are gusting, and the BRICS alliance is at the forefront, challenging the hegemony of the US currency. This audacious geopolitical move might just send tremors throughout global financial circuits. The Rise of Local Currencies in Oil Trade India, for one, is not wasting any time. The country recently inked a deal with the…

    Article 2023年9月19日
  • Terraform Labs faces an uphill battle amid accusations against its former CEO

    TL;DR Breakdown Terraform Labs has continued to face an uphill task of getting back up as the accusations against its former CEO persist. The firm continues to carve a new path to success. Description Terraform Labs, the blockchain-focused company behind Terra (LUNA), finds itself facing significant challenges as it navigates through frequent accusations against its former CEO, Do Kwon. According to the newly appointed interim CEO, Chris Amani, these persistent allegations have been hindering the progress of various projects in development, presenting a “big hill to climb” for the … Read more Terraform Labs, the blockchain-focused company behind Terra (LUNA), finds itself facing significant challenges as it navigates through frequent accusations against its former CEO, Do Kwon. According to the newly appointed interim CEO, Chris Amani, these persistent allegations have been hindering the progress of various projects in development, presenting a “big hill to climb” for the company. Terraform Labs CEO complains about the setback The recent discussion about Terra’s future occurred during a Twitter Space event titled “A Terra Community Talk,” where Amani and several Terra employees delved into…

    Article 2023年7月24日
  • U.S. lawmakers send a letter to Gary Gensler about crypto

    TL;DR Breakdown U.S. Rep. French Hill and Rep. Dusty Johnson have written a letter to SEC Chairman Gary Gensler about crypto. The lawmakers criticize the SEC’s approach to ‘regulate by enforcement’, stating it causes confusion and doesn’t adequately protect the public. The letter highlights their efforts to close regulatory gaps through bills such as the Clarity for Digital Tokens Act and the Digital Commodity Exchange Act. Description In an effort to smooth out the path for cryptocurrency regulation, U.S. Rep. French Hill, Vice-Chairman of the House Committee on Financial Services Republicans and Subcommittee Chairman, has penned a letter to Gary Gensler, the Chairman of the Securities and Exchange Commission (SEC). This is in line with the rising trend of lawmakers keen on … Read more In an effort to smooth out the path for cryptocurrency regulation, U.S. Rep. French Hill, Vice-Chairman of the House Committee on Financial Services Republicans and Subcommittee Chairman, has penned a letter to Gary Gensler, the Chairman of the Securities and Exchange Commission (SEC). This is in line with the rising trend of lawmakers keen on…

    Article 2023年7月20日
  • Kenyan government suspends Worldcoin operations amid concerns over data privacy and legitimacy

    TL;DR Breakdown Kenya’s Ministry of the Interior has suspended Worldcoin’s operations. The suspension is for an investigation into legitimacy and data protection. Nairobi was a key market, with over 250,000 sign-ups. Description In a striking move against a global identity crypto protocol, Kenya’s Ministry of the Interior has suspended the operations of Worldcoin within the country. Worldcoin, co-founded by OpenAI’s Sam Altman, has come under scrutiny for its practices in collecting iris data. The suspension will remain effective as various Kenyan agencies assess the project’s risks to … Read more In a striking move against a global identity crypto protocol, Kenya’s Ministry of the Interior has suspended the operations of Worldcoin within the country. Worldcoin, co-founded by OpenAI’s Sam Altman, has come under scrutiny for its practices in collecting iris data. The suspension will remain effective as various Kenyan agencies assess the project’s risks to the public. Worldcoin’s initiative has aimed to create a global identification mechanism utilizing iris scans, a technology designed to verify that an agent is human and unique. This identification approach has been deemed potentially vital…

    Article 2023年8月3日
TOP