SEI, a blockchain platform, experienced a significant drop in its token price due to an influx of airdrop requests and subsequent sales by those who received the tokens. The price, which was nearing $1 on the day of its Binance listing, fell to $0.17 at the time of writing.
The SEI Foundation announced the beta phase of its main blockchain network a few days ago. This morning, it was reported that the number of wallets that won the right to the airdrop increased due to high demand. Initially, there were 500,000 wallets, but this number later rose to 1.5 million.
As part of the airdrop, the SEI team also set aside 3% of the tokens for themselves, equivalent to approximately 300 million tokens. Currently, about 1.8 billion tokens are in circulation in SEI, with a total supply of 10 billion tokens. SEI, which is part of the Cosmos ecosystem, aims to overcome the scalability and user experience challenges encountered in blockchain technology. It seeks to promote the widespread adoption of Web3 applications.
