Sei Token Plummets Over 50% from August Peak
The Sei token fell more than 50% from its peak in August to $0.1835. Additionally, it has dropped more than 75% from its peak in November. Recently, the token was listed on Robinhood and made available to millions of customers in the US and other countries. After getting listed by Robinhood and other exchanges, cryptocurrencies typically experience a surge in value. However, after this development, its value declined once more.
Robinhood Listing Fails to Stop Sei Token Decline
Due to the continuous decline in the cryptocurrency market, the price of Sei plummeted following the Robinhood IPO. With the market capitalization of all tokens dropping by more than 4% to $3.7 trillion, Bitcoin and the majority of altcoins experienced a decline. Following the aggressive Federal Reserve interest rate drop, industry liquidations surged, causing these tokens to plummet. Because of concerns of inflation, officials signaled that they would not lower rates in December.
DeFi Activity Boosts Sei’s Total Value Locked
However, Sei has some strong foundations, which is a plus. For instance, it reached its highest valuation since June, with 2.65 billion SEI tokens representing the total value locked in its decentralized finance ecosystem. Furthermore, the network’s total stablecoin supply increased by 14.78% to $168 million over the previous 30 days. Due to customers taking advantage of its low transaction costs, transactions increased by 90% to over 8.4 million.
Above all, Sei continues to dominate the gaming market. According to data gathered by DappRadar, throughout the past 30 days, there have been 13.69 million unique active wallets in the industry. Compared to opBNB, which had 5.45 million, this is significantly greater. All of this paints a positive picture for Sei’s future.
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