SEI, the native token of the Sei blockchain, appears to be gaining massive traction a day after its debut on several major exchanges. On Tuesday, August 15, Binance, Bybit, Bitget, Kucoin, and Kucoin simultaneously listed the token on their trading platforms.
On the same day, Sei Labs, the company behind the network, Office has partnered the launch of the beta mainnet phase after a successful alpha phase. According to the developers, more than 7.5 million unique wallets and 400 million transactions were registered during the testnet phase.
The Sei Mainnet beta, Pacific-1, is here.
— You are 🚢 (@SeiNetwork) August 15, 2023
The Sei network is a layer 1 blockchain built on the Cosmos software development kit. It claims to offer a scaling solution for decentralized exchanges (DEX) with matching engine and ordering tools for forward control.
SEI Breaks Top 100 Crypto Ranking – Price Overview
SEI experienced a surge in its listing price on various exchanges, reaching more than 650% profit within an hour. On Binance, the token opened trading around $0.0639 before rising to a high of $0.4812.
However, SEI has since experienced a slight price correction, trading about 44% below its recent high. As of this writing, the token is changing hands at $0.2669, a substantial 16% jump in price over the past hour.
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CoinGecko data shows that the SEI experienced a huge surge in market activity, with its trading volume standing at $1,074,696,599. This represents a significant 5,156.5% increase in the last 24 hours.
Likewise, SEI’s market cap has been steadily increasing over the past day. With a market cap of roughly $445.4 million, the cryptocurrency is in the 92nd position in CoinGecko’s crypto ranking.
Interestingly, traders seem to anticipate the current performance of the SEI before many exchange listings. Data from the pre-listing futures of DEX Aevo revealed that the token could reach almost half a billion market cap at the start of centralized exchanges.
The initial circulating supply of SEI is 1.8 billion – 18% of the total supply of 10 billion tokens.
The “Cross-Chain” Airdrop
On Tuesday, August 15, the Sei Foundation revealed the details of the upcoming “cross-chain” airdrop for whitelisted users connecting qualified assets to the network. Some of the eligible tokens include USDC, ETH, WBTC (Wrapped Bitcoin), and others.
The foundation revealed that active users of selected blockchains, including Solana, Ethereum, Arbitrum, Polygon, Binance Smart Chain, and Osmosis, can participate in the airdrop. According to the announcement, the cross-chain airdrop is open for public acquisition of the mainnet launch.
SEIUSDT trading at $0.2450 on the 4-hour timeframe | Source: SEIUSDT chart on TradingView
Featured image from The Independent, chart from TradingView