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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Sei Takes A Hit: Price Suffers 26% Plunge Amid Airdrop Claim Expansion

Samuel Edyme
Samuel Edyme
1 year ago
3 mins read
dYdX Sees Sudden Decline

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Sei, a specialized trading network within the Cosmos ecosystem, has recently recorded a significant downward trend.  Notably, on a day rife with anticipation, the price of Sei plunged by more than 20%, plummeting from its initial spike above $0.28 to somewhere below $0.18.

This decline coincided with the Sei Foundation’s decision to open airdrop claims, arguing free tokens are often distributed to early participants or testers of a new crypto project.

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Airdrop Details And The Impact On Sei’s Price

The crypto community has since waited with bated breath for the Sei blockchain to launch and initiate its airdrop. And finally, on August 15, Sei launched its mainnet beta, with the airdrop initiatives happening after.

Today, the blockchain reported an upsurge in the number of wallets eligible for the airdrop. Initially planned for 500,000 wallets, the number swelled to roughly 1.5 million in response to what the foundation termed “fervent demand.”

Due to fervent demand, Sei Foundation has increased the number of eligible wallets for the cross-bridge airdrop from 500K to 1.5M on @ethereum, @0xPolygonLabs, @arbitrum, @BNBCHAIN, @solana, @optimismFND and @osmosiszone.

— Sei Foundation (@Sei_FND) August 17, 2023

This enlargement incorporated users from a variety of blockchain networks, including but not limited to Ethereum, Polygon, Arbitrum, BNB Chain, and Solana. From its coin supply, the Sei team earmarked 3% specifically for the airdrop. This translates to a figure of 300 million coins.

To put this into perspective, according to a report by Binance, these coins form a significant chunk of the 1.8 billion Sei coins currently circulating out of 10 billion coins. 

Sei Price Plunges More Than 20% In The Past Day

Sei has plummeted by more than 20% over the past 24 hours. This plummet contributes to the asset’s fall from its rank among the top 100 in crypto on the day of launch to a current rank of 107 among the most prominent crypto by market capitalization, according to CoinGecko.

Despite the token’s listing on exchanges such as Binance, it has seen quite a plunge in the past day with a current market price of $1.80, a 22% drop from its initial trading price above $0.25. The reason behind Sei’s plummet is evident as it comes amid the asset’s airdrop expansion.

Sei price chart on TradingView
Sei’s price is moving sideways on the 4-hour chart. Source: SEI/USDT on TradingView.com

It is worth noting that an event such as an airdrop can often trigger a cascade of sell-offs as eligible users rush to convert their newfound assets into cash or other cryptocurrencies.

Alongside its declining value, Sei’s market capitalization plunged from $413 million on Wednesday to $319 million at the time of writing. The asset’s trading volume has declined from a high of $1.2 billion yesterday to $705 million in the past 24 hours.

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Sei is a new trading-focused blockchain claiming a faster transaction initiation than its counterparts. The blockchain touts the capability to execute sub-second blocks making its transaction more efficient. In the ever-demanding realm of cryptocurrency trading, where speed is of the essence, this feature makes the blockchain worth paying attention to.

Featured image from Unsplash, Chart from TradingView

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Samuel Edyme
Samuel Edyme

Samuel Edyme

Meet Samuel Edyme, Nickname - HIM-buktu. A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others.

Read more

Edyme’s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis.

Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events—like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ’s arrest—has honed his keen sense of market dynamics.

When he isn’t crafting engaging crypto content, you’ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he’s catching some Z’s or scrolling through Elon Musk’s very own X platform—(oops, another screen activity, my bad…)

Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters—(don’t judge, that’s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or “kaizen,” striving to be 1% better every day. His mantras, “God knows best” and “Everything is still on track,” reflect his resilient outlook and how he lives his life.

In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He’s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck—unflappable. Edyme is like trading in your car for a jet—bold. He’s the guy who’d ask his boss for a pay cut just to prove a point—(uhhh…). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent—okay, maybe that’s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps.

Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That’s just not the way he roll. He has these favorite lyrics from NF’s “Clouds” that resonate deeply with him: “What you think's probably unfeasible, I've done already a hundredfold.”

PS—Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He’s 100% Him-alayan. Screw it, he ate the opp.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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