Research - Sei Network Airdrop - The more Expectation, The more Disappointment

The Sei Network has finally distributed the Airdrop rewards to the early users. However, the public seems not be satisfied with that..

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Coin Wire
August 18, 2023

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SEI NETWORK AIRDROP - THE MORE EXPECTATION, THE MORE DISAPPOINTMENT

I think the aforementioned is a reasonable comment to describe how Crypto users feel after the Sei Airdrop.

Let's take a look back in chronological order.

August 11

On August 11, 2023, Sei Network announced on its official X page that once the Mainnet is launched, Sei will have an Airdrop to testnet users.

Crypto users, especially those who participated in Sei's testnet, are extremely excited by this news. I even predicted the value of this airdrop of Sei in a recent post.

17:00 on August 15 (2 hours before listing time)

At this time, there is an article on Sei's website to guide the participants of Atlantic 2 Testing and The Sei Ambassador Program about receiving the reward.

Usually, other projects that have announced the Airdrop, the token would be claimable on the homepage before the Listing event takes place, but at this time the Sei homepage is not accessible to check whether the wallet is eligible or not.

19:00 August 15 (at the time of Binance listing)

$SEI has officially been trading on Binance. With a starting price of $0.064, there was a time when the Sei price hit $0.48, achieving an absolute ROI of up to 750%. After that, $SEI traded at $0.16 - $0.19 throughout Aug. 15.

At this time, it is still not possible to claim the Airdorp token.

8:00 on August 16 (after listing 13 hours)

The price of $SEI suddenly increased after many people realized that they still could not access Sei's website to see if they were eligible for the Airdrop.

18:00 on August 16 (23 hours after listing)

$SEI price peaked at $0.28, marking an intraday gain of up to 50%, an impressive increase for a newly listed coin.

However, the truth is that the price of $SEI can increase so strongly because there is no selling force from the Airdrop participants in the market. Because they can't claim anything 😃

Currently (August 18)

It is unclear exactly when the community was able to claim the Airdrop token, but it is clear that the return of $SEI price to the listing price at $0.17 indicates that the Airdrop recipients have started selling on the market.

Surfing on X, almost anyone would come across a hashtag #seiscam. The Airdrop reward only ranges from 20 - 80 $SEI, equivalent to $4 - $16. A very disappointing number for a Layer 1 project, advertised as a blockchain built specifically for DeFi.

Although Airdrop is inherently a low-risk way of making money in Crypto, we should not expect an Airdrop to bring us "life changing". However, as early users, contributing to Sei's network, participants in this Airdrop have the right to expect a reward of more than $16.

It can be said that the community's anger, frustration and disappointment towards Sei Network through this Airdrop event is completely understandable and acceptable.

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