SEI Crashes 17% in 24 Hours as Network Activity Declines 38%

According to SeiScan and DefiLlama data, SEI crashed more than 17% in the past 24 hours as of June 5. Network activity weakened significantly since the start of June, with daily transaction fees declining 38% to 2,360 SEI, and average transaction fees falling 39% to $0.0002.

DEX volume on SEI dropped 24% from $15 million at the beginning of June to $11.44 million as of writing. Additionally, more than $13 million was sold from the Futures market in the past 24 hours, amplifying losses amid the highly leveraged trading environment. On-chain data also showed stablecoin market cap losses, indicating liquidity was being squeezed on the network.