Sei price drops 31% as users start claiming airdrop

Quick Take

  • The price of Sei dropped 31% today, going from $0.27 to $0.185.
  • The decline happened as the Sei Foundation opened airdrop claims.

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.


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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. 

SEI/USDT market on Binance (via TradingView)

© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

About Author

Vishal Chawla is The Block’s crypto ecosystems editor and has spent over six years covering tech protocols, cybersecurity, artificial intelligence and cloud computing. Vishal likes to delve deep into blockchain intricacies to ensure readers are well-informed about the continuously evolving crypto landscape. He is also a staunch advocate for rigorous security practices in the space. Before joining The Block, Vishal held positions at IDG ComputerWorld, CIO, and Crypto Briefing. He can be reached on Twitter at @vishal4c and via email at [email protected]


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