Sei Experiences Significant Price Decline Amid Airdrop Expansion

Sei Faces Significant Decline as Airdrop Claims Open

Sei, a specialized trading network within the Cosmos ecosystem, has recently experienced a significant downward trend. The price of Sei plunged by more than 20%, dropping from above $0.28 to below $0.18. This decline coincided with the Sei Foundation opening airdrop claims, where free tokens are distributed to early participants or testers of a new crypto project.

Airdrop Details And Impact on Sei’s Price

Sei launched its mainnet beta on August 15 and reported an upsurge in the number of wallets eligible for the airdrop.
The initial plan was to have 500,000 eligible wallets, but it has now been increased to around 1.5 million due to fervent demand.
Users from various blockchain networks, including Ethereum, Polygon, Arbitrum, BNB Chain, and Solana, are now eligible for the airdrop.
The Sei team earmarked 3% of its coin supply, equivalent to 300 million coins, specifically for the airdrop.
This airdrop has had a significant impact on Sei’s market capitalization and trading volume.

Sei Price Plunges by Over 20%

Sei’s price has dropped more than 20% in the past 24 hours, causing it to fall from the top 100 cryptocurrencies by market capitalization to 107th place.
Despite being listed on exchanges like Binance, Sei’s market price is currently $1.80, a 22% drop from its initial trading price.
The cause of Sei’s decline is attributed to the expansion of its airdrop.
An airdrop event often triggers sell-offs as eligible users rush to convert their tokens into cash or other cryptocurrencies.
Sei’s market capitalization has also experienced a significant drop, going from $413 million to $319 million.

Sei’s Unique Selling Point

Sei is a new trading-focused blockchain within the Cosmos ecosystem that boasts faster transaction initiation compared to its counterparts. With the capability to execute sub-second blocks, Sei aims to provide more efficient transactions in the fast-paced world of cryptocurrency trading.

Hot Take: The recent decline in Sei’s price due to the airdrop expansion reflects the impact of such events on the market. It highlights the importance of considering the potential consequences of airdrops on token prices and market capitalization.