SEI token takes a hit, plunges 26% after a splendid performance

• 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 lately introduced it was rising the variety of eligible wallets for $SEI Airdrop from 500K to 1.5M wallets.

SEI token value dropped to $0.1496 within the early hours of Friday morning, sending shockwaves amongst buyers. 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 value of SEI dropping? Why is SEI taking place after such an impressive surge? Properly, this text shall delve into the small print of what prompted SEI to take a dive.

Right here’s why the SEI value goes down

This value 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 reside 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.”

Attributable to 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 the moment circulating out of the token’s complete provide of 10 billion cash.

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