SEI Network hits all-time high, meme coin SEIYAN leads with 380% surge
​​SEI token's market cap hits $1.7 Billion, fueled by upgrade expectations.
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SEI, a layer 1 blockchain, has seen a significant surge in market capitalization, increasing to $1.7 billion, thanks partially to anticipated upgrades to make it one of the fastest blockchain in the industry. The network’s technical characteristics, like speed and security compared to other blockchains like Ethereum or Solana, have attracted substantial investment from notable crypto venture capitalists such as Jump Crypto and Multicoin Capital.
Yesterday, SEI’s token price reached an all-time high of $0.80. Open interest in SEI futures has surged by over 230% since early December, reaching nearly $230 million on Tuesday, indicating the heightened interest in SEI’s future potential.
SEIYAN, a memecoin in the SEI ecosystem, has generated a lot of excitement in the SEI Network. It has seen a significant increase of 380% in just the past week. This sudden rise in value is occurring amidst a broader trend of memecoin popularity within the crypto market. For example, memecoins in the Solana ecosystem, like ANALOS and BONK, also made significant gains within the past month.
The Sei ecosystem is currently experiencing a period of growth, as evidenced by a significant increase in the value of its liquid staking token, SEILOR, which saw an 80% rise within just 48 hours. Additionally, the trading protocol known as Astroport is the most dominant player in the Sei-based applications market, with over 95% of the total value of $5.5 million locked in its platform, indicating its strong position in the trading sector.
Its performance has been attributed to the network’s adoption of a parallelized Ethereum Virtual Machine (EVM), allowing for simultaneous transaction processing, which is critical for the network’s efficiency and appeal.
SEI’s total supply, launched in August on the Sei Network, stands at 10 billion, with a circulating supply of 2.3 billion tokens. The network’s enhancements are not just technical; they extend to the ecosystem’s user engagement, aiming to make it an attractive option for traders.
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