SEI Loses Momentum After 3% Advance

SEI fell about 2% during the last 24 hours after the Layer 1 token had jumped 3% throughout late New York buying and selling on Tuesday

The sudden spike was pushed by a marketing campaign by Coingecko, which teamed up with SEI Community in a 100,000 $SEI token giveaway. 

LAST CHANCE: Sei Raffle 🎟️

We have teamed up with @SeiNetwork to provide away 100K $SEI tokens!

5 fortunate winners will every obtain 5K $SEI tokens, whereas the remaining 75K $SEI tokens will likely be distributed amongst verified raffle individuals.

Be part of now ➡️ https://t.co/pX1sHmaUa4 pic.twitter.com/zO4lYkHOEg

— CoinGecko (@coingecko) August 22, 2023

Many view this as a approach of successful investor confidence after a disappointing airdrop which led traders to imagine that it was a rip-off. Early supporters are nervous, inflicting recipients to shortly promote the tokens, resulting in debates concerning the undertaking’s objectives. 

#SEIscam after 8-9 months arduous work, did numerous process in #sei Testnet, gave efforts to undertaking, they stated neighborhood is 🗝️, However they assume neighborhood is Idiot,

However Now it is our flip retweet and remark with #seiscam

In crosschain airdrop I acquired nothing #SeiNetwork we aren’t idiot pic.twitter.com/VvX0xwOtTH

— Crypto Vinu (@CryptoVinu) August 17, 2023

What’s SEI

Sei Community is a Layer 1 blockchain constructed on Cosmos SDK, which goals to supply quicker transaction velocity than related networks corresponding to Solana

The undertaking raised $30 million from Leap Crypto, Multicoin Capital, and Stream Merchants in a strategic funding spherical in April, valuing the crypto undertaking at $800 million.

ICYMI: Sei Labs Raises $30M to Construct the Quickest Layer 1 🚢

Sei Labs has raised $30 million in two strategic funding rounds from prime traders, together with Leap, Distributed International, Multicoin, Uneven, Stream Merchants, Hypersphere, and Bixin Ventures. pic.twitter.com/SuHFEbGVOM

— Sei 🚢 (@SeiNetwork) April 12, 2023

The token was listed on main exchanges corresponding to  Binance, Bybit, Huobi, and Kraken listed the token on August 15. Most not too long ago, SEI was listed on Coinbase, the biggest US-based crypto buying and selling platform. 

On August 17, the SEI token airdrop to early adopters of the blockchain changed into a disappointing occasion within the crypto market with recipients speeding to dump their holdings, triggering a wave of criticism on X, previously Twitter, because of inadequate token allocations.

WTF …🤔🤔🤔Solely 79 sei I assumed could also be 3000 minimal receivingIs that 300,000,000sei airdrop ?Its appear to be 5M is exclusive customers within the testnet oh come on do not be scammed us 😭😭I actually hate this..most shit airdrop ever in crypto historical past 🚽🚽@Sei_FND @SeiNetwork#SeiScam pic.twitter.com/sUP8ck6HxL

— mr.meroolai | Suiswap (@MMeroolai) August 16, 2023

In line with Sei’s announcement, 300 million tokens have been to be airdropped to Testnet customers. It’s necessary to notice that roughly 500,000 Testnet customers have been in existence. Assuming all obtained the airdrop, it logically means that round 600 SEI ought to have been distributed to every person. 

Nonetheless, customers have been granted a most of 110 SEI tokens throughout this airdrop, leaving many traders questioning the place the remainder of the tokens have been.

The Basis clarified that fervent market demand brought about it to increase the scope of eligible wallets for the airdrop. A notable growth ensued, encompassing a considerable enhance from 500,000 to a powerful 1.5 million wallets, lowering the quantity of tokens dropped to every pockets.

As a result 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

This growth consists of standard blockchain networks like Ethereum, Polygon, Arbitrum, BNB Chain, Solana, Optimism, and Osmosis. The aim was to contain a broader person base and combine them into the Sei ecosystem.

As well as, members of the SEI neighborhood who believed within the coin’s potential got here forth to defend the token. One X person going by the title Sir Robert stated that the state of affairs surrounding the #SeiScam and the broader $SEI narrative is complicated and nuanced. 

The #SeiScam and total $SEI saga is difficult.

Taking part in Testnets is not straightforward, particularly in case you’re from third phrase nations the place you must contemplate some added prices like knowledge, leaving time apart.

Calling them a rip-off is a stretch, however they might have accomplished approach higher.

— Sir Robert (♟,♟) || The Web3 Economist (@TheEwansEffect) August 17, 2023

He defined to his over 29,000 followers that partaking with Testnets might be difficult, particularly for people from third-world nations. This is because of further elements like knowledge prices and time commitments.

Whereas labeling your complete state of affairs as a rip-off is perhaps far-fetched, there may be room for concern relating to how issues have been dealt with, he stated. The undertaking may have taken more practical measures to make sure a smoother expertise for individuals.

SEI Value Evaluation

In line with the four-hour chart on TradingView, the newly launched SEI token initially noticed positive aspects throughout the first few hours of itemizing on Binance. However following the mainnet launch and airdrop announcement, the coin skilled a considerable drop, plummeting over 95%.

After briefly spiking to $0.2823, the coin’s worth decreased by virtually half, settling at $0.1549. The value has been oscillating between two key ranges, with the $0.1425 stage offering help and resistance being discovered on the $0.160 psychological stage. 

Though there was a slight restoration on Tuesday, strain from the 100 Easy Transferring Common (SMA) at $0.1511 annoyed these restoration efforts.

SEI/USD Two-hour Chart

Regarding indicators for the undertaking are also evident on the two-hour chart, probably impacting its future worth momentum. The Relative Energy Index (RSI) is dealing with downward at 48. This provides credence to SEI’s grim outlook.

SEI Alternate options

As SEI continues to face legitimacy considerations, traders may look into new cryptos in presale to diversify their portfolios. 

Probably the most standard choices is Launchpad XYZ (LPX), which has already raised $1.37 million. The presale has a $1.55 million aim, which means time is operating out for traders.

The LPX token’s worth throughout presale is $0.0445, and it may be purchased in change for ETH, USDT, BNB, or by way of card.

Launchpad XYZ platform, which goals to supply builders with every part they should grow to be winners in Web3. It provides an easy-to-use community-driven ecosystem to make sure everybody will take advantage of the following bull run.

Data is energy within the crypto sphere 👏

Dive deep, study persistently, and watch your buying and selling technique soar with #LaunchpadXYZ

Be part of our #CryptoCommunity in the present day 💪👉https://t.co/ZUZaIKgy84#LaunchpadKnows #Crypto #Web3 #Alts pic.twitter.com/UMB953Bl5u

— Launchpad.xyz (@launchpadlpx) August 21, 2023

Go to the Launchpad XYZ web site right here for extra particulars about the way to take part within the presale.

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