SEI Network (SEI) Price Drops 28% as Users Begin Airdrop Reception
The value of SEI has plummeted shortly after Sei Network launched its project mainnet and initiated an airdrop for users.
SEI Network (SEI) Price Drops 27% as Users Begin Airdrop Reception. Image: Sei Foundation
In the past 24 hours, the price of SEI Network (SEI) has fallen by over 28% as the project finally opened its airdrop gateway for early supporters. However, this move has stirred controversy as the airdropped amount did not meet investor expectations.
Sei Network, a layer-1 blockchain project that garnered significant investor confidence since late 2022, attracted a large following from early adopters who participated in the testnet and various tasks.
On August 15, Sei Network officially launched its mainnet and listed the SEI token on multiple major exchanges.
Due to fervent demand, Sei Foundation has increased the number of eligible wallets for the cross-bridge airdrop from 500K to 1.5M on @ethereum, @0xPolygonLabs, @arbitrum, @BNBCHAIN, @solana, @optimismFND and @osmosiszone.
— Sei Foundation (@Sei_FND) August 17, 2023
However, instead of promptly distributing airdrop tokens as promised, Sei Network delayed the airdrop citing initial lack of specific token distribution timelines, drawing criticism from many investors.
On the morning of August 17, the token airdrop portal was finally opened, increasing the number of wallets eligible for airdrop from 500,000 to 1.5 million wallets across multiple blockchains including Ethereum, Polygon, Arbitrum, BNB Chain, Solana, Optimism, and Osmosis. The Sei team explained that due to overwhelming community demand, the project decided to relax the airdrop criteria. According to tokenomics, 300 million SEI tokens, equivalent to 3% of the total supply, will be airdropped.
Observations indicate that the amount of tokens received per individual is relatively small, translating to a maximum value of about $50.
In addition to the unclear airdrop criteria, discontent has escalated sharply. The hashtag #SeiScam on Twitter has garnered over 58,000 posts in the past 24 hours, underscoring substantial investor disappointment after dedicating significant effort to support Sei since 2022, with perceived inadequate rewards in return.
The SEI price during this period has dropped more than 28%, from $0.244 to $0.171 at the time of writing.
15-minute chart of SEI/USDT pair on Binance as of 07:30 PM on August 17, 2023.
