The SEI token price has dropped to $0.1496 on Friday morning, much to the shock of investors. This comes after a seven-day surge that saw the token reach an all-time high of $0.2736 on August 16.
At press time, SEI was trading at $0.1625, a 12.02% decrease from the previous day. The token’s trading volume has also decreased by 42% in the last 24 hours.
Why is the SEI price going down? Sei Foundation recently announced an increase in the eligible wallets for the SEI airdrop from 500,000 to 1.5 million, which is believed to have included users from other blockchains such as Ethereum, BNB Chain, and Polygon. Sei Foundation had allocated 3% (300 million) of SEI tokens for the airdrop, constituting a significant portion of the 1.8 billion SEI coins currently circulating out of its total supply of 10 billion tokens. Airdrops can lead to a rush of sell-offs as eligible users convert their newly-acquired coins to cash or other cryptocurrencies.
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