SEI, the native token of the Sei blockchain, appears to be gaining massive traction a day after its debut on multiple major exchanges. On Tuesday, August 15, Binance, Bybit, Bitget, Kucoin, and Kucoin jointly listed the token on their trading platforms.
On the same day, Sei Labs, the company behind the network, announced 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.
— Sei 🚢 (@SeiNetwork) August 15, 2023
Sei network is a layer 1 blockchain built on the Cosmos software development kit. It claims to offer a scaling solution for decentralized exchanges (DEXs) with its matching engine and order front-run prevention tools.
SEI Breaks Into Top 100 Crypto Ranking – Price Overview
SEI experienced a surge in price upon its listing on various exchanges, notching more than a 650% gain within an hour. On Binance, the token opened trading at around $0.0639 before ballooning to a high of $0.4812.
However, SEI has since experienced a slight price correction, trading about 44% beneath the recent high. As of this writing, the token changes hands at $0.2669, with a substantial 16% price jump in the past hour.
CoinGecko data shows that SEI has been experiencing a massive 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, the market cap of SEI has been on a steady rise in the past day. With a market cap of roughly $445.4 million, the cryptocurrency sits at the 92nd position on CoinGecko’s crypto ranking.
Interestingly, traders seem to have anticipated the current performance of SEI prior to its multiple exchange listings. Data from DEX Aevo’s pre-listing futures revealed that the token could reach nearly half a billion market cap upon debut on 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 unveiled the details of its upcoming “cross-chain” airdrop for whitelisted users who bridge qualifying assets into the network. Some of the eligible tokens include USDC, ETH, WBTC (Wrapped Bitcoin), etc.
The foundation revealed that active users on just select blockchains, including Solana, Ethereum, Arbitrum, Polygon, Binance Smart Chain, and Osmosis, can participate in the airdrop. According to the announcement, the cross-chain airdrop will be open for claiming at the public 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