Is Sei Headed Towards Zero? SEI Price Plummets by 11% as Investors Flock to New GambleFi Token
The rapid Layer 1 token, Sei, is experiencing a significant crash today. Competing against Ethereum and Solana, Sei has seen an 11% drop in price over the past week, making it one of the hardest-hit tokens in the market-wide sell-off. This sell-off also caused the price of Bitcoin, the market leader, to decline by about 8% during the same period.
Currently trading at $0.5385, Sei has seen a slight gain of over 1% in the past 24 hours. However, it has experienced a 24% decline from its price a month ago.
Sei is a Layer 1 blockchain integrated with the Ethereum Virtual Machine (EVM), combining Ethereum’s development framework with the speed and scalability of high-performing competitors like Solana.
Investors’ cautious sentiment this week seems to be driven by news of the US Federal Reserve’s plan to maintain higher interest rates in order to combat rampant inflation.
Bitcoin also experienced a 9% retreat in just two days, dropping from a high of $64,515 on Tuesday to its current price of $58,595. At its lowest point during the crash, Bitcoin hit $56,804.
In comparison to other leading Layer 1 blockchain tokens, Sei has not retained its value as well this week. Avalanche (AVAX), Cardano (ADA), and Ethereum (ETH) only experienced a slight drop of just over 3%.
Looking at Sei’s trading chart over the past three months, it closely mirrors Bitcoin’s performance. The market-wide rally that began in late February and peaked in early March allowed Sei to reach a new all-time high of $1.14 on March 16. However, it has since pulled back by approximately 53%.
Currently, the Sei price and valuation are recovering and aligning with the rest of the market. Its Relative Strength Index is 59 and rising, indicating an increase in buying momentum. In the past hour alone, it has appreciated by almost 2%, suggesting that Sei holders are likely to be in a better position now.
As the SEI price tumbles, Mega Dice has hit the jackpot! Scalability and interoperability are currently the key focus areas in the crypto industry as they pave the way for wider adoption.
Both Bitcoin and Ethereum lag behind their faster and cheaper competitors. However, Ethereum’s EVM has helped establish smart contract and software standards across the industry, making it more interoperable.
Although investing in Layer 1 tokens may seem predictable due to their synchronized rise, the crypto and Web3 industries offer a range of services beyond optimized technology.
One sector gaining more attention is GambleFi, which refers to crypto-native online gambling platforms or products. According to data from Statista, online gambling is projected to generate $100.90 billion in revenue this year, presenting a prime opportunity for crypto to showcase its utility in iGaming.
Introducing Mega Dice’s new $DICE token, which has already raised nearly $700,000 in investments within just two weeks of its presale, as reported on the token’s website. Mega Dice, the world’s first licensed crypto casino accessible through Telegram, has attracted 50,000 players since its launch last year, establishing itself as a reputable name in GambleFi.
As the native token of the platform, $DICE can be used by players to fund games and receive winnings. Furthermore, players who use $DICE will enjoy additional benefits in the future. The casino plans to integrate the token into its loyalty program, offering more generous rewards to gamers who choose to play with it. Additionally, the token will grant access to exclusive competitions and VIP experiences.
The Mega Dice team has also announced a buyback and burn program, whereby the casino will periodically purchase some of the tokens and remove them from circulation to maintain scarcity and drive value.
Stay updated on Mega Dice news through their Twitter and Telegram channels.
Join the presale now on the Mega Dice website.
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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes only and does not constitute investment advice. There is a possibility of losing all of your capital.