Sei Network’s Airdrop Causes Price Plunge Of SEI Coin By Over 20%

Key Points:

• Sei Network’s (SEI) coin value drops by over 28% following the launch of an airdrop for early supporters, disappointing users with lower-than-expected airdrop rewards.
• Disappointment among investors amplifies as Sei Network faces backlash and a trending hashtag, #SeiScam, with over 58,000 posts on social media, highlighting community outrage over airdrop discrepancies.

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. 

This downturn comes merely days after the mainnet launch of the Sei Network project and the initiation of airdrop distribution. Expectations turned sour as users expressed outrage when the value of the airdrop didn’t align with their investment anticipation. The project’s decision to delay the airdrop, citing a lack of specific promised timing, received heavy criticism, prompting disappointment within the community.

On August 15, the Sei Network marked a significant milestone by launching its mainnet and listing SEI tokens on major exchanges. However, the subsequent airdrop rollout encountered obstacles. The opening of the new token airdrop portal saw an increase in the number of recipient wallets from 500,000 to 1.5 million across various blockchains, encompassing Ethereum, Polygon, Arbitrum, BNB Chain, Solana, Optimism, and Osmosis.

The Sei team attributed this expansion to community demand and relaxed airdrop criteria. As per the tokenomics, a total of 300 million SEI tokens will be airdropped, constituting 3% of the total supply.

Despite these efforts, each individual’s received token amount proved relatively small, amounting to around a maximum of $50 USD in value. Coupled with unclear airdrop criteria, the growing discontent has led to the trending hashtag #SeiScam on social media platform X, amassing over 58,000 posts in the past 24 hours.

This backlash underscores the disappointment of investors who had invested significant effort in supporting Sei Network since 2022, only to find the airdrop rewards fall far short of expectations. The recent price decline and community reaction signal the challenges the project must navigate to regain investor trust and preserve its reputation in the dynamic cryptocurrency landscape.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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