Sei, a notable name within the Cosmos ecosystem, has experienced a significant price drop, plummeting by 31% in a single day. This sharp decline saw the price tumble from $0.27 to a mere $0.185. The catalyst behind this drastic movement? The Sei Foundation’s decision to open airdrop claims.
The Sei blockchain’s native coin had been performing steadily until the airdrop claims were initiated yesterday evening, around 6 pm EST. This move allowed users to access and potentially liquidate their coins, leading to the observed price drop. The Sei Foundation had recently launched its blockchain in the mainnet beta phase on August 15.
In a twist, earlier today, the Sei Foundation announced an expansion in the number of eligible wallets for the airdrop. This decision, driven by what the foundation termed as “fervent demand,” saw the number of eligible wallets increase from an initial 500,000 to a staggering 1.5 million. This expanded list encompasses users from various blockchain networks, including Ethereum, Polygon, Arbitrum, BNB Chain, Solana, Optimism, and Osmosis.
Delving into the specifics of the airdrop, the Sei team has earmarked 3% of its total supply for this purpose. This translates to a whopping 300 million coins. To put this into perspective, this quantity is part of the 1.8 billion Sei coins that are currently in circulation. The total supply of Sei coins stands at 10 billion, as highlighted in a report by Binance.
Sei is not just another blockchain; it’s a specialized network within the expansive Cosmos ecosystem. It’s been crafted with a specific focus on trading. One of its standout features is its ability to execute sub-second blocks, which significantly boosts transaction speeds. As of now, Sei coins boast a market capitalization of $335 million, with a fully diluted value pegged at $1.8 billion.
