2023-08-18 11:08:35
The recent period has not been favorable for the recently launched SEI token, which is issued on the blockchain of the same name, as it lost significantly in value over the course of a few days. In the following, we will examine what could have caused the significant drop in the coin’s price. Sei Network Sei Network bills itself as a commerce-focused blockchain built with the Cosmos SDK, built for fast and cheap transactions. Before the network launched, it was able to raise around $120 million to build its ecosystem. The mainnet was launched on August 15, and the native token is available for those looking to trade on several exchanges, including Binance and Kraken. You can show a trading volume of more than 1 billion dollars in 24 hours after the introduction of the coin. Despite this, it has performed quite poorly in recent days, its price has fallen by more than 80% compared to its peak value on August 16. Users’ problem SEI’s performance is also greatly affected by the frustration of its community. Over the past few days, several members have complained about the small number of airdrops regarding the project. The token lost a significant amount of value in a short period of time, probably due to concerns about this. When the mainnet was launched, Sei’s team promised an airdrop, but early adopters using its testnet say they haven’t been able to claim it yet. On the other hand, there have also been complaints about the unclear eligibility conditions of the airdrop. It was also heavily criticized by users that the Sei Discord is currently inaccessible to them, demanding that they create more communication channels for them to be properly notified. Despite this, Sei claims that the airdrop is already working, the complaints remain. Some early adopters complain that they are not entitled to it even though they operate validator nodes. Meanwhile, those who are entitled to it object to the amount of airdropped tokens, as they say they are not distributed proportionally. At the time of writing, the coin is trading at $0.1698, according to data from CoinMarketCap.
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