Is Sei Going to Zero? SEI Price Declines 10% as New Mining System Bags $5 Million in Crowdfunding Efforts

Last updated: December 6, 2023 22:03 EST
. 3 min read

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Sei Logo / Source: Sei Website

Digital asset trading focused layer-1 blockchain Sei (SEI) has seen its token price pull back over 12% in the past 24 hours.

Sei, whose token debuted on major exchanges in August, was last trading just under $0.28 per token, down from the multi-month highs in the upper $0.31s it hit earlier this week.

Despite the recent pullback, SEI’s bullish trend remains very much intact.

The cryptocurrency is still up around 200% from its October all-time lows under $0.10.

SEI has been pumping alongside a surge in risk appetite in the broader crypto market, thanks primarily to optimism about near-term spot Bitcoin ETF approvals in the US (which is expected to accelerate institutional adoption of crypto) and amid hopes for a near-term dovish pivot in the Fed’s monetary policy.

Is SEI Going to Zero?

As per a dashboard created Sei Daily on Flipside, the Sei network has been experiencing solid growth in weekly transactions since May, which could also have helped fuel the recent rally.

However, the same dashboard shows weakness in the number of unique weekly active users interacting with the blockchain, a sign these high transactions are being driven by a small number of participants.

That could suggest a lack of notable adoption of the blockchain since its launch earlier this year, and could also suggest that weekly transaction counts are being artificially inflated by so-called “wash trading”.

As a result, while recent SEI price growth has been impressive, investors should remain cautious of the token.

If the blockchain fails to achieve any lasting adoption, then this means its token will essentially have no utility apart from speculation.

SEI remains at risk of going to zero.

Investors may want to check out an alternative project called Bitcoin Minetrix, a new decentralized Bitcoin cloud mining protocol that has been generating huge hype and recently surpassed $5 million in funds raised from presale investors.

What is Bitcoin Minetrix?

Bitcoin Minetrix has been raising funds to power protocol development via a presale of its native $BTCMTX token.

Investors who buy $BTCMTX can then stake their tokens to start earning non-transferable Bitcoin Minetrix mining credits.

These credits can then be burnt by their owners, and in exchange, they will get a share in Bitcoin Minetrix’s Bitcoin mining revenues.

$BTCMTX token holders will also earn $BTCMTX rewards, with a portion of the token supply already set aside to reward early stakers.

$BTCMTX staking rewards currently sitting at around 120%, according to the project’s official dashboard.

Bitcoin Minetrix’s protocol is governor by smart contracts built on top of the decentralized Ethereum blockchain, which is also where its token is issued.

The protocol thus offers better transparency and security versus other centralized cloud mining services.

Check Out Bitcoin Minetrix Here

#BitcoinMinetrix is paving the way for a fresh approach to cloud mining, integrating stakeholding and cloud mining.

By prioritizing transparency, independence, and safety, #BitcoinMinetrix pioneers tokenized cloud mining, providing a reliable path for $BTC mining. 🌐⚒️ pic.twitter.com/Itz9l8vO89

— Bitcoinminetrix (@bitcoinminetrix) December 6, 2023

Why Are Investors Piling Into $BTCMTX?

With interest in Bitcoin surging as a new bull run begins, old hands and new entrants into the crypto markets are searching out ways to gain exposure to the Bitcoin melt-up that doesn’t require either waiting to buy a spot Bitcoin ETF or purchasing the coin directly.

There are currently many eye-watering price predictions to pick from for Bitcoin. They range from $120,000 by the end of next year, according to Standard Chartered, to as much as $1.48 million by 2030 according to Ark Invest CEO Cathie Wood.

However, savvy investors know there are other ways to secure returns on investment that could be multiples of both of those example Bitcoin target prices.

Although a crypto bull run typically begins with Bitcoin leading the way, as its dominance of the market begins to top out, market participants start to focus on the value differential offered by alternative coins with arguably more tempting risk-reward profiles.

Bitcoin Minetrix is one such coin.