SEI Token Skyrockets With A Whopping 2,000% Launch Day Surge! Will SEI Price Crash From Current Level?
The post SEI Token Skyrockets With A Whopping 2,000% Launch Day Surge! Will SEI Price Crash From Current Level? appeared first on Coinpedia Fintech News
Every time a new token launches, there’s a surge in excitement and hope, kind of like the night before a big concert. Today, Sei Network’s token, Sei, took the spotlight, shooting up by a mind-blowing 2,000% after the protocol kicked off their mainnet. However, as the pump seems to fade, traders are preparing themselves for a potential change in the market as a possible price drop is on the edge.
Sei’s Trading Volume Skyrockets 6x After Binance Listing
Sei Labs, the company behind the Layer 1 blockchain Sei, today announced the successful launch of its mainnet, following a testnet phase. The blockchain’s very own token, SEI, made its debut on prominent exchanges like Binance, Kraken, and Huobi, to name a few.
Sei aims to create a blockchain that paves the way for effortless asset exchanges, according to its creators. Be it assets linked to social platforms, gaming, or even NFTs, Sei aspires to deliver the smoothest user experience.
Upon listing, SEI had a circulating supply of 1.8 billion, which is 18% of its total supply of 10 billion, as stated by Binance. With an initial price tag of 26 cents, this cryptocurrency boasted market capitalization of $486 million, placing it comfortably within the top 100 cryptocurrencies.
Currently, the market cap of SEI is $340 million and the trading volume has increased from the low of $20 million to $120 million following Binance listing. Over 200 teams are actively developing on Sei, which boasts over 7.5 million unique wallets, as per a recent press release.
This release also highlighted that Sushiswap’s decentralized perpetual futures exchange is set to debut on the network. Earlier in May, Sei Labs secured $30 million in two funding rounds, with notable investors like Jump Crypto, Multicoin Capital, and Flow Traders backing them.
Will Sei Token Crash Soon?
Within hours of its debut, the Sei token’s value skyrocketed. On KuCoin and Gate, Sei surged to over $0.8 and $0.4, respectively, but then stabilized around 2 cents. However, traders need to stay aware as the price may soon meet a sharp collapse and drop to its opening price or even decline further.
As of writing, Sei token is trading at $0.19, surging over 2,200% over the last 24 hours. It is to be noted that what goes up must come down, especially in the volatile crypto market. As more investors jump during the surge, the demand could outstrip supply, leading to a price correction. Moreover, any issues or vulnerabilities in the SEI platform could shake investor confidence.
Hence, Coinpedia advises investors to stay informed, keep an eye on market trends, and, most importantly, never invest more than you can afford to lose.
