SEI Drops 95% – Bearish Momentum to Continue?
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After a disappointing airdrop, the SEI token value dropped, raising questions about the network’s token distribution approach. Early supporters are worried as recipients sell quickly, leading to debates about the project’s goals.
Distinctive Features of Sei Network
Sei Network stands out for its strong focus on speed and efficiency. With a rapid transaction finality of 500ms, it potentially surpasses Ethereum (ETH) Rollups’ theoretical limits. The network employs parallel processing and instant block finality. It aims to change how blockchains work. Backed by a $30 million investment from Jump Crypto, Multicoin, and MH Ventures, Sei Labs is set to advance blockchain technology.
Sei Network’s market position was strengthened right after its Mainnet beta launch. The $SEI airdrop and quick listing on major exchanges boosted trading to $1.14 billion, with Upbit and Binance leading.
SEI Network Mainnet Launch
On August 15, SEI Network achieved a significant milestone with the launch of its mainnet. The mainnet launch introduced two types of rewards: the $SEI Airdrop and the Incentivized Testnet Reward.
The initial category included an airdrop designed for early users and NFT holders, recognizing their crucial contribution to the network’s growth. Additionally, the second category acknowledged the contributions of early testnet users. This further solidified SEI Network’s commitment to fostering a collaborative testing environment.
In response to fervent market demand, the Foundation extended the scope of eligible wallets for the airdrop. A notable expansion ensued, encompassing a substantial increase from 500,000 to an impressive 1.5 million wallets.
This expansion encompassed well-known blockchain networks like Ethereum, Polygon, Arbitrum, BNB Chain, Solana, Optimism, and Osmosis. The goal was to involve a broader user base and integrate them into the Sei ecosystem. However, the expansion also brought about the potential for increased token sell-offs. This led to speculation within the cryptocurrency community regarding the token’s stability and prospects.
Network Participants Express Disappointment as Promised Rewards Fall Short
Following the mainnet launch and Airdrop announcement, participants in the SEI Network expressed concerns about the relatively small rewards they received. This came after they had devoted months to testing the chain and operating nodes, relying on promises from the project’s team. Many individuals eagerly invested their resources and efforts. However, they were disappointed that the token values fell far below their anticipated levels.
Some even called this SEI airdrop the worst in the history of cryptocurrencies.
While the community was busy whining about the “not worthy” airdrop, the discord channel of Sei Network was reportedly hacked. It further raised concerns about the project’s credibility.
One person even said that SEI Network has no idea when it comes to airdrops and recommended that they use Arbitrum.
Thus these disappointed participants started a #SeiScam trend on the social media platform ‘X.’
Dedicated SEI Supporters Rally to Defend Project
Nevertheless, the other members of the SEI community who truly believed in the coin’s potential came forth to defend the token. According to one analyst, the situation surrounding the #SeiScam and the broader $SEI narrative is complex and nuanced. Engaging with Testnets can be challenging, especially for individuals from third-world countries. This is due to additional factors like data costs and time commitments.
While labeling the entire situation as a scam might be an exaggeration, there’s evident room for improvement in how things are handled. The project could have taken more effective measures to ensure a smoother experience for participants.
Furthermore, according to another analyst, a single aspect, such as the airdrop, does not necessarily dictate the success or failure of the larger project.
People were suspicious about the rewards because 3% of SEI’s total supply, equivalent to 300 million coins, was designated for the airdrop, constituting a significant portion of the circulating 1.8 billion SEI tokens from a total of 10 billion.
Doubts have arisen as individuals question the reasons behind the relatively small rewards they received from the substantial token allocation designated for the airdrop.
SEI Price Analysis
According to the H4 Chart on DEXTools, the newly launched SEI/USDT coin initially saw gains within the first few hours. However, following the mainnet launch and airdrop announcement, the coin experienced a substantial plummet of over 95%.
After briefly spiking to $0.5391, the coin’s value decreased by half, settling at 0.01041. Although there has been a slight recovery over the past 8 hours, the current price remains significantly below its all-time high (ATH), which is a staggering 860% higher.
Furthermore, concerning signs for the project are evident on DEXTools, potentially impacting its future price momentum. The Reliability Score on DEXTools is notably low at 21/99, and the coin has been blacklisted on the platform.
There is another legit coin worth noticing as SEI is facing legitimacy concerns, CHMPZ.
Alternative to SEI
The Chimpzee coin, $CHMPZ, currently holds a value of $0.00085 per unit. As it enters its ninth phase, the project anticipates the subsequent price increase in just 17 hours. Remarkably, CHMPZ token sales have totaled an impressive $1,875,651,973, with a listing price of $0.00185 per coin. The project’s focus on tokenomics includes provisions for philanthropic endeavors, community incentives, and the development of new products.
Within the Chimpzee framework, acquiring various NFT passports—such as Diamond, Gold, Silver, and Bronze—unlocks opportunities for enhanced earnings, superior rewards, and exclusive Chimpzee features. Chimpzee’s mission takes a unique approach, aiming to secure funds for safeguarding 1000 square meters of the Australian Rain Forest. Chimpzee has committed to burning 1 billion tokens upon reaching its fundraising goal as part of its eco-friendly commitment. This not only emphasizes environmental dedication but also creates novel incentives for contributions.
Enthusiasts and investors are urged to take advantage of the limited-time opportunity during Stage 9 to acquire the coveted Gold NFT Passport. This exclusive window to invest in the Chimpzee Presale will conclude within 24 hours, allowing investors to secure $CHMPZ tokens at a favorable rate. By participating in Chimpzee, individuals can actively contribute to improving the planet, supporting endangered species, and simultaneously earning potential passive income.
Visit Chimpzee here
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