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.
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.
