SEI token takes successful, plunges 26% after a splendid efficiency

• At press time, SEI was buying and selling at $0.1625 down 12.02% from the place it was buying and selling at yesterday the identical time.
• The token’s buying and selling quantity has additionally dropped by 42% within the final 24 hours.
• SEI not too long ago introduced it was growing the variety of eligible wallets for $SEI Airdrop from 500K to 1.5M wallets.

SEI token worth dropped to $0.1496 within the early hours of Friday morning, sending shockwaves amongst traders. The token has seen a really robust efficiency over the previous seven days and it hit an all-time excessive of $0.2736 on August 16.

However why is the worth of SEI dropping? Why is SEI taking place after such a powerful surge? Effectively, this text shall delve into the main points of what induced SEI to take a dive.

Right here’s why the SEI worth goes down

This worth decline coincided with a choice by Sei Basis to open airdrop claims to 1 million extra wallets than beforehand anticipated.

Sei blockchain mainnet beta went stay on August 15 promising to carry a token airdrop afterwards.

Sei at present reported that the variety of wallets eligible for the airdrop had surged from the initially deliberate variety of 500,000 wallets to roughly 1.5 million in response to what the Sei Basis termed “fervent demand.”

As a consequence of fervent demand, Sei Basis has elevated the variety of eligible wallets for the cross-bridge airdrop from 500K to 1.5M on @ethereum, @0xPolygonLabs, @arbitrum, @BNBCHAIN, @solana, @optimismFND and @osmosiszone.

— Sei Basis (@Sei_FND) August 17, 2023

The pockets surge is believed to have integrated customers from quite a lot of different blockchains pouring into the blockchain together with however not restricted to Ethereum, BNB Chain, and Polygon.

Sei Basis had earmarked 3% (300 million) of SEI tokens for the airdrop, which represent a major chunk of the 1.8 billion Sei cash at present circulating out of the token’s whole provide of 10 billion cash.

Token airdrops typically set off a cascade of sell-offs as eligible customers rush to transform their newfound cash into money or different cryptocurrencies.