Is Sei Going to Zero? SEI Price Drops 3%, Investors Stockpile This New GambleFi Token
Ethereum and Solana competitor Sei’s price has shed 11% in the last week, taking some of the heaviest losses in a brutal market-wide sell-off that sank the price of market leader Bitcoin by about 8% in the same period.
Sei currently changes hands at $0.5385. This represents a slight gain of over 1% in the last 24 hours but a 24% decline from its price this time last month.
Sei is an EVM-integrated blockchain Layer 1, merging Ethereum’s market-leading development framework with the speed and transaction cost scalability of high-performing rivals like Solana.
Investors’ risk-averse sentiment this week appears to be spurred by news that the US Federal Reserve plans to keep interest rates higher for longer to help stem rampant inflation.
Bitcoin retreated 9% in two days, from a high of $64,515 on Tuesday to its current price of $58,595. At the height of the crash, yesterday afternoon, the world’s number one cryptocurrency bottomed out at $56,804.
Virtually all other leading Layer 1 blockchain tokens retained value better than Sei this week. Avalanche (AVAX), Cardano (ADA), and Ethereum (ETH) dropped in tandem, only shedding a little over 3% this week.
Sei’s trading chart over the last three months reveals a token that closely tracked Bitcoin. The market-wide rally that began at the end of February and peaked in early March helped Sei set a new all-time high (ATH) of $1.14 on March 16. However, it has since pulled back about 53%.
The Sei price and valuaiton is currently recovering and is in line with the rest of the market. Its Relative Strength Index is 59 and climbing, indicating increasing buying momentum. It has also appreciated almost 2% in the last hour, so Sei holders are likely out of the woods now.
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