Markets News Report
August 16, 2023

SEI’s Trading Volume Hits $1.3B with Fully Diluted Market Cap of $2.7B in 24 hours

In Brief

SEI, the native token of Layer-1 blockchain, was listed on Binance, Bybit, Huobi, and Kraken yesterday as the network’s mainnet went live.

The token’s trading volume hit $1.3 billion with a fully diluted valuation of $2.7 billion in 24 hours.

Nearly half of the token’s trading volume came from Korean crypto exchange Upbit, with Binance trailing behind.

When Sei’s Layer-1 blockchain’s mainnet launched yesterday, its native token, SEI, was simultaneously listed on major crypto exchanges including Binance, Bybit, Huobi, and Kraken.

In just 24 hours, the token has hit a trading volume of over $1.3 billion, with a fully diluted market cap of $2.7 billion, per CoinGecko. SEI is currently ranked in the top 10 cryptocurrencies by 24-hour trading volume.

According to CoinGecko, nearly half of the token’s trading volume originated from the South Korean exchange Upbit, which dominates with a 24-hour volume of 49.9%, totaling over $658 million. Binance takes second place with a 21.99% trading volume at the time of writing this.

Over $250 million worth of the token has been traded on Binance over the last 24 hours. Listed at $0.06, the token reached a high of $0.45 before retracing to $0.15.

On Tuesday, Coinbase revealed that it would add support for SEI, leading to a 30% surge in its value to its current price of $0.23 today.

Amid the excitement surrounding the token, the hashtag “#SeiScam” also started trending on Twitter today. This surge in online discussion is rooted in the anticipation of Sei’s airdrop details, which testnet users are still waiting for.

Despite Sei’s announcement that the airdrop would be claimable upon the Public Mainnet launch, testnet users have encountered difficulties in redeeming their tokens.

Sei is a Layer-1 blockchain designed to optimize decentralized exchanges and trading applications, for rapid transactions and scalability. The network claims to be the fastest Layer-1 blockchain, achieving a swift time to finality of as little as 250ms—with an added 100ms buffer to ensure the stability of its protocol.

The company also asserts its capability to handle 20,000 orders per second.

In April, Sei Labs, a key contributor to the network, disclosed a successful raise of $30 million over two strategic funding rounds. According to the company, this funding aims to expedite Sei’s growth trajectory and bolster its presence across the Asia-Pacific region.

Keep track of cryptocurrency distributions in our Airdrops Calendar.

Disclaimer

In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.

About The Author

Cindy is a journalist at Metaverse Post, covering topics related to web3, NFT, metaverse and AI, with a focus on interviews with Web3 industry players. She has spoken to over 30 C-level execs and counting, bringing their valuable insights to readers. Originally from Singapore, Cindy is now based in Tbilisi, Georgia. She holds a Bachelor's degree in Communications & Media Studies from the University of South Australia and has a decade of experience in journalism and writing. Get in touch with her via [email protected] with press pitches, announcements and interview opportunities.

More articles
Cindy Tan
Cindy Tan

Cindy is a journalist at Metaverse Post, covering topics related to web3, NFT, metaverse and AI, with a focus on interviews with Web3 industry players. She has spoken to over 30 C-level execs and counting, bringing their valuable insights to readers. Originally from Singapore, Cindy is now based in Tbilisi, Georgia. She holds a Bachelor's degree in Communications & Media Studies from the University of South Australia and has a decade of experience in journalism and writing. Get in touch with her via [email protected] with press pitches, announcements and interview opportunities.

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