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%.
Source: TradingView
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.
As SEI Price Tumbles, Mega Dice Hits Jackpot!
Scaleability and interoperability are the two hottest buzzwords in crypto right now because they represent the path to greater adoption.
Both Bitcoin and Ethereum lag behind speedier and cheaper rivals, although in terms of interoperability, Ethereum’s Virtual Machine (EVM) has helped the network’s developer community set smart contract and software standards across the whole industry.
Still, since Layer 1 tokens often rise in sync, investing in them can feel predictable. Crypto and Web3 have a plethora of services to offer beyond more optimized tech.
GambleFi is one sector that’s getting more of a look-in nowadays. The term refers to any crypto-native online gambling platform or product.
According to data by Statista, online gambling is projected to take in $100.90 billion in revenue this year. This means there has never been a better time for crypto to show the world its iGaming utility.
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The $DICE presale is only a fortnight old, and it has already bagged almost $700,000 in investments, according to the token’s website.
Mega Dice launched last year as the world’s first licensed crypto casino accessible through the popular messaging app Telegram.
Since then, 50,000 players have signed up and helped the casino become a well-established name in GambleFi.
As the platform’s native token, players can use $DICE to fund games and receive winnings. Casino customers who play with $DICE will have further benefits down the line. The casino plans to integrate the token into its loyalty program, offering more generous rewards to gamers who opt to play with it. The token will also unlock access to exclusive competitions and VIP experiences.
The team has also indicated there will be a buyback and burn program. This means Mega Dice will periodically buy some of the tokens and remove them from circulation to help keep them scarce and drive value.
Follow Mega Dice news over on X/Twitter and Telegram.
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