Sei price drops 31% as users start claiming airdrop

The Sei blockchain’s native coin has fallen by 31% from $0.27 to $0.185 since airdrop claims were opened yesterday evening at around 6 pm EST, allowing users to access and potentially sell off their coins.

The Sei Foundation released its blockchain in the mainnet beta phase on August 15.

Earlier today, the Sei Foundation announced increasing the number of eligible wallets for the airdrop in response to what it described as “fervent demand.”

The expansion, from an initial 500,000 to 1.5 million wallets, includes users from various blockchain networks such as Ethereum, Polygon, Arbitrum, BNB Chain, Solana, Optimism, and Osmosis.

As part of the airdrop, the Sei team has set aside 3% of its total supply for the airdrop, translating to 300 million coins. This quantity forms part of the 1.8 billion Sei coins currently in circulation, out of a total supply of 10 billion coins, as stated in a Binance report.

Sei, a specialized network within the Cosmos ecosystem, is designed specifically for trading. One of its standout features is the ability to execute sub-second blocks, enhancing the speed of transactions.

Sei coins currently trade at a market capitalization of $335 million and a fully diluted value of $1.8 billion.