Sealing the bottom of masonite siding

I have read some conflicting information on this. I have a feeling that bugs are getting under the siding and working their way into the house. I have looked at the bottom of the siding with a mirror, and I see gaps between the siding, what appears to be a backing board of about the same thickness (hopefully not another layer of siding), and the foundation. Some people seem to say that you don't want to seal these gaps because of moisture build up, while others say that it is not an issue. Just wanted to see if I could get some more conclusive answers.
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