The newly listed cryptocurrency SEI took a substantial hit after its debut, plummeting over 65% from its peak value in just three days. The coin’s latest 13% tumble mirrored a decline in the broader crypto market in the last 24 hours.
New L1 Token Plummets 65% From Record High
Enter SEI, the latest entrant in the L1 blockchain realm tailored for trading. By Friday, this newly launched token hovered between $0.15 and $0.184 apiece. Touted by the team as one of the swiftest L1 networks, SEI claims a transaction finality of a mere half-second, processing 20,000 orders per second.
SEI’s documentation highlights its distinctive “Twin-turbo consensus”, designed for optimal efficiency. Developers note that SEI is among the few chains that adopt market-based parallelization. Moreover, SEI’s network offers an in-built exchange matching engine and protection against frontrunning, addressing common vulnerabilities in rival ecosystems. So far, however, SEI’s market performance has been lackluster.
Although SEI has been in the trading game for a scant three days, it’s already plunged 65.71% from its record high on August 16, 2023. Touching $0.15 on Friday marked its lowest valuation yet. With a market cap hovering around $279.51 million, SEI occupies the 115th slot among over 10,000 crypto assets, joining the ranks of other hyped L1 debuts like aptos (APT) and sui (SUI).
APT, holding the 38th rank among the 10,000+ coins, has descended 71.07% from its zenith on January 26, 2023. Yet, it rose 87.13% from its lowest point on December 29, 2022. On the other hand, SUI, another newly launched L1 contender, has fallen 78.10% from its top price reached on May 03, 2023, hitting its lowest value on August 17, 2023.
What do you think about SEI’s market performance over the last three days? Share your thoughts and opinions about this subject in the comments section below.