SEI token price has been in a tailspin since its launch. The project is facing an intense backlash from the crypto community due to its airdrop mechanics. Some project contributors have also started to come out, calling out the injustice in the token distribution and allocation.
Cryptocurrencies are having a rough day today as Bitcoin fully retraced its Tuesday pump. Most altcoins fell to their fresh weekly lows as the BTC price fell to $26,133. The leading cryptocurrency surged above $28,300 earlier this week as the news of Greyscale’s court win broke out.
Many airdrop hunters and early adopters rushed to use the SEI Network at its early stages in anticipation of a lucrative airdrop. However, unlike other blockchains, SEI crypto took a completely different approach. The team announced an airdrop for an unexpectedly large number of users across multiple blockchains.
This triggered a massive controversy among the early users as they received airdrop worth only a few pennies. Many community members called the project a scam and propagated the #SEISCAM hashtag on X (Twitter) in their anger. The effect was also visible in the SEI token price, which plummeted to $0.118.
After an intense sell-off on its exchange listing, the SEI coin finally recovered significantly this week. The smart contract cryptocurrency rebounded from its all-time lows and surged to $0.172. This translated into a 44% surge in less than two days. However, the price action reversed as the BTC price started to retrace on Wednesday.
SEI token price prediction is still not looking quite bullish as the price failed to break above the swing high of $0.17. Right now, the price is retesting the upper trendline of the falling wedge after a breakout that occurred earlier this week. A confirmation of this breakout might send the coin for another retest of the $0.17 resistance.
I’ll keep posting my updated SEI coin along with my personal trades on Twitter, where you’re welcome to follow me.
This post was last modified on Aug 31, 2023, 21:26 BST 21:26