The cryptocurrency community experienced a brief moment of panic today. A rumor spread rapidly on social media claiming that Coinbase had mistakenly announced the upcoming Open Sea (SEA) ICO.
The deleted post detailed a fully diluted market capitalization (FDV) of $3 billion, a total offering of $10 billion, and a fundraising target of $150 million. Given current market conditions, these figures struck many investors as “overinflated.” For comparison, BLUR has a valuation of approximately $120 million, while ME has a valuation of approximately $350 million.
This pricing, it's alleged, has led to speculation that the token would need to trade well above $0.30 in the premarket, making the $150 million target unrealistic. Some analysts even suggested this scenario could create a “shorting opportunity.”
After a brief period of chaos, the claim was proven false. A parody account named “doomer” posted a completely humorous post claiming that Coinbase would launch an ICO for OpenSea. Despite this, the joke was perceived so realistically that the probability of a SEA token launch jumped from 3% to 55% on the prediction market. Once the situation became clearer, the odds dropped back to 5%.
*This is not investment advice.
