SEI Token Breaks Into Top 100 One Day Post-Debut On Major Exchanges

Opeyemi Sule

1 year ago

3 mins read

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SEI, the native token of the Sei blockchain, appears to be gaining massive traction a day after its debut on multiple major exchanges. On Tuesday, August 15, Binance, Bybit, Bitget, Kucoin, and Kucoin jointly listed the token on their trading platforms.

On the same day, Sei Labs, the company behind the network, announced the launch of the beta mainnet phase after a successful alpha phase. According to the developers, more than 7.5 million unique wallets and 400 million transactions were registered during the testnet phase.

The Sei Mainnet beta, Pacific-1, is here.

Users may now bridge and stake their $SEI at https://t.co/kllP3XP3dZ pic.twitter.com/dMdocFMba0

— Sei 🚢 (@SeiNetwork) August 15, 2023

Sei network is a layer 1 blockchain built on the Cosmos software development kit. It claims to offer a scaling solution for decentralized exchanges (DEXs) with its matching engine and order front-run prevention tools.

SEI Breaks Into Top 100 Crypto Ranking – Price Overview

SEI experienced a surge in price upon its listing on various exchanges, notching more than a 650% gain within an hour. On Binance, the token opened trading at around $0.0639 before ballooning to a high of $0.4812.

However, SEI has since experienced a slight price correction, trading about 44% beneath the recent high. As of this writing, the token changes hands at $0.2669, with a substantial 16% price jump in the past hour.

CoinGecko data shows that SEI has been experiencing a massive surge in market activity, with its trading volume standing at $1,074,696,599. This represents a significant 5,156.5% increase in the last 24 hours.

Likewise, the market cap of SEI has been on a steady rise in the past day. With a market cap of roughly $445.4 million, the cryptocurrency sits at the 92nd position on CoinGecko’s crypto ranking.

Interestingly, traders seem to have anticipated the current performance of SEI prior to its multiple exchange listings. Data from DEX Aevo’s pre-listing futures revealed that the token could reach nearly half a billion market cap upon debut on centralized exchanges.

The initial circulating supply of SEI is 1.8 billion – 18% of the total supply of 10 billion tokens.

The “Cross-Chain” Airdrop

On Tuesday, August 15, the Sei Foundation unveiled the details of its upcoming “cross-chain” airdrop for whitelisted users who bridge qualifying assets into the network. Some of the eligible tokens include USDC, ETH, WBTC (Wrapped Bitcoin), etc.

The foundation revealed that active users on just select blockchains, including Solana, Ethereum, Arbitrum, Polygon, Binance Smart Chain, and Osmosis, can participate in the airdrop. According to the announcement, the cross-chain airdrop will be open for claiming at the public mainnet launch.

SEIUSDT trading at $0.2450 on the 4-hour timeframe | Source: SEIUSDT chart on TradingView

Featured image from The Independent, chart from TradingView

Opeyemi Sule

Opeyemi is a proficient writer and enthusiast in the exciting and unique cryptocurrency realm. While the digital asset industry was not his first choice, he has remained absolutely drawn since making a foray into the space over two years. Now, Opeyemi takes pride in creating unique pieces unraveling the complexities of blockchain technology and sharing insights on the latest trends in the world of cryptocurrencies.

Opeyemi savors his attraction to the crypto market, which explains why he spends the better parts of his day looking through different price charts. “Looking” is a rather simple way to describe analyzing and interpreting various price patterns and chart formations. However, it appears that is not Opeyemi’s favorite part - in fact, far from it.

Being able to connect what happens on a price chart to on-chain movements and blockchain activities is what keeps Opeyemi ticking. “This emphasizes the intricacies of blockchain technology and the cryptocurrency market,” he would say. Most importantly, Opeyemi thinks of any market insights as the gospel, while recognizing that he is only a messenger.

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Indeed, Opeyemi enjoys spending most of his time within the four walls of his home. However, he also sometimes finds solace in the company of his friends at a bar, a restaurant, or even on a stroll. In essence, Opeyemi’s ambivert (haha! been searching for an opportunity to use the word to describe myself) nature makes him a social chameleon who is able to quickly adapt to different settings.

Opeyemi recognizes the need to constantly develop oneself in order to stay afloat in a competitive and ever-evolving market like crypto. For this reason, he is always in learning mode, ready to pick up the slightest lesson from every situation. Opeyemi is efficient and likes to deliver all that is required of him in time - he believes that “whatever is worth doing at all is worth doing well.” Hence, you will always find him striving to be better.

Ultimately, Opeyemi is a good writer and an even better person who is trying to shed light on an exciting world phenomenon - cryptocurrency. He goes to bed every day with a smile of satisfaction on his face, knowing that he has done his bit of the holy assignment - spreading the crypto gospel to the rest of the world.

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