SEI rallies 35%, open interest and social volume doubled

Sei (SEI) registered significant gains over the past day as its social activity and open interest (OI) more than doubled in just 24 hours. SEI is up by 35% in the past 24 hours and is trading at $0.

Timeline of Sei

With the digital currency ecosystem in recovery mode, after Bitcoin (BTC) regained the $38,000 price level, altcoins like SEI are notably riding the wave in unusual ways. According to data from CoinMarketCap, SEI printed a jaw-dropping 35% surge overnight, pushing its price to $0.239.

Weeks after the launch of Sei Network, the Layer 1 blockchain protocol has started facing an exodus from foundational decentralized applications (dApps) in what is proving to be a distressing situation for the protocol. The latest protocol to desert the Sei Network is BlueMove, a multi-chain NFT market designed with the Move language.

All those who have used the layer-1 testnet and some active users in the Ethereum, Binance Smart Chain, Arbitrum, Solana, Polygon and Osmosis networks are eligible to claim the airdrop of the SEI token.

The newly listed cryptocurrency SEI took a substantial hit after its debut, plummeting over 65% from its peak value in just three days. The coin's latest 13% tumble mirrored a decline in the broader crypto market in the last 24 hours.

Trading-focused blockchain Sei's latest SEI token launch did not go over as well as expected after being plagued with delays and problems with the token giveaway. SEI Token Drama The newly launched Sei blockchain Sei generated quite a buzz in the crypto space as its SEI token hit the market with a resounding start, quickly amassing a market capitalization of over $400 million within the first day of trading.

Sei, a specialized trading network within the Cosmos ecosystem, has recently recorded a significant downward trend. Notably, on a day rife with anticipation, the price of Sei plunged by more than 20%, plummeting from its initial spike above $0.28 to somewhere below $0.18.

The latest buzzy layer-one network to launch has run into turbulence in its first few days amid widespread complaints that its airdrops to early users and testers were overly stingy.

A few days after its launch, the newest cryptocurrency project to trend on Crypto Twitter (X) has been deemed a “fiasco” amid massive frustration related to a promised airdrop of new tokens to investors who bridged Ethereum (ETH), Solana (SOL), and Binance Smart Chain (BNB) to the Sei Network (SEI).

The Sei Network's native token, Sei, has experienced a significant 32.59% price drop from $0.27 to $0.182 after opening airdrop claims. However, this decline came on the heels of an initial 2000% surge following the successful launch of the Sei mainnet.

The Sei Network (SEI) has faced a significant setback as its coin's value plummeted by more than 20% within 24 hours following the commencement of an airdrop for early supporters.