Key Takeaways:
- SEI token shaves 10% off its valuation in 24 hours.
- The trading volumes also dropped, signifying more pain ahead for the bulls.
- BlueMove NFT marketplace moved out of the Network.
YEREVAN (CoinChapter.com) — Sei Network (SEI) dropped 10% to $0.12, a two-week low, on Aug 29. The token’s move intensified its seven-day losses to 20%.
The SEI trading volume has also declined over 2% in 24 hours, which could signify the bears taking over, as the SEI market cap dropped nearly 5% in the same period. Moreover, the SEI/USDT pair trading dominance on Binance, which stood at 23% of the overall volume on Aug 17, diminished to just over 14% on Aug 29.
However, SEI bulls have more pain ahead of them, considering the departure of the multi-chain NFT market BlueMove.
BlueMove Risks Triggering Further SEI Selloffs
The latest announcement shows BlueMove will no longer operate on Sei Network in two days. “We appreciate your understanding and support during this transition,” read the X.com post.
BlueMove will cease operations on Sei Network at 4:00 UTC on August 31st due to the current trading volume on Sei falling short of our expectations. During this period, we kindly request all users to delist their NFTs to prevent any potential loss of assets.
noted the team.
The comment section blamed Sei Network’s allegedly botched Airdrop for the misfortune. The BlueMove followers also called the “time of death” for SEI, predicting a Binance delisting to come next.
“That’s what happens when the community you grew gets a $19 token drop after months of testnet quests..they leave,” read one of the comments.
