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Just-Launched Sei Blockchain's New Token Plunges 24% After Airdrop
Complaints flooded X (formerly Twitter) about the scantiness of the new SEI token allocations to early adopters, as many recipients apparently moved to dump their holdings on the market.
An airdrop of tokens to early adopters of the new Sei blockchain turned into a crypto-market disappointment on Thursday, as recipients appeared to dump their holdings while complaints flooded X (formerly Twitter) about the scantiness of the allocations.
The SEI token tumbled 24% over the past 24 hours, according to CoinGecko, pushing the market capitalization to $314.8 million.
STORY CONTINUES BELOW
That's a disappointment relative to some traders who had bet that the SEI value might approach $500 million.
The Sei Foundation, which coordinated the airdrop, posted on X early Thursday that it had tripled the number of eligible wallets for the cross-bridge airdrop to 1.5 million from 500,000, on blockchains including Ethereum, Polygon, Arbitrum and Solana. The expansion was "due to fervent demand," according to the post.
One user quickly retorted on X that "U should focus on increasing the allocation to your own users," including those "who helped u test for months on Testnet," and that the project should "later think of other chains."
Read More: Sei, Blockchain Designed for Trading, Goes Live but 'Frustration' Mounts Over Airdrop
Bradley Keoun
Bradley Keoun is CoinDesk's managing editor of tech & protocols, where he oversees a team of reporters covering blockchain technology, and previously ran the global crypto markets team. A two-time Loeb Awards finalist, he previously was chief global finance and economic correspondent for TheStreet and before that worked as an editor and reporter for Bloomberg News in New York and Mexico City, reporting on Wall Street, emerging markets and the energy industry. He started out as a police-beat reporter for the Gainesville Sun in Florida and later worked as a general-assignment reporter for the Chicago Tribune. Originally from Fort Wayne, Indiana, he double-majored in electrical engineering and classical studies as an undergraduate at Duke University and later obtained a master's in journalism from the University of Florida. He is currently based in Austin, Texas, and in his spare time plays guitar, sings in a choir and hikes in the Texas Hill Country. He owns less than $1,000 each of several cryptocurrencies.
