Analysis

SEI climbs 22% to hit new all-time high after lackluster launch

The SEI cryptocurrency, the native token of the Sei blockchain, hit an all-time excessive of $0.79 this week after a formidable 70% surge over the previous seven days. This surge in worth is attributed to a number of key developments and indicators within the Sei ecosystem.

Primarily based on CryptoSlate information, the value of SEI stood at $0.75414, with a market capitalization of $1.73 billion and a 24-hour buying and selling quantity of $1.23 billion. The cryptocurrency has skilled a major enhance of 12.45% within the final 24 hours and a formidable development of 186.27% over the previous 30 days​.

Progress drivers

A number of components have contributed to the outstanding development since its quite lackluster airdrop and launch on exchanges in August 2023. Key amongst them is the Sei Community’s milestone of processing over 1.1 billion transactions, indicating a rising real-world adoption of the blockchain.

The SEI token is the first forex for actions on the Sei blockchain, and the community’s enlargement and technical achievements are seemingly driving investor curiosity.

Technological developments have additionally performed a vital function. Sei has achieved a notable technical milestone by lowering its time-to-finality to 390 milliseconds, one of many quickest in blockchain networks.

Sei has additionally lately carried out inner parallelization of the Ethereum Digital Machine (EVM), enhancing the effectivity of decentralized functions on its blockchain.

Partnerships and meme coin fever

Moreover, strategic partnerships and developments just like the Atlantic-2 Testnet and the Pacific-1 Mainnet beta launch have additional bolstered the community’s credibility​.

Strategic partnerships and endorsements have additionally performed a major function in driving the value surge. Sei Community lately partnered with entities like Kryptonite and Gecko Terminal to develop its ecosystem.

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Moreover, the SEI token has benefited from the current meme coin fever, with SEIYAN changing into a cult time period amongst SEI token holders. This has helped drive additional curiosity and funding in SEI.

By way of market efficiency, SEI has proven outstanding power, recording a major variety of inexperienced days, which signifies strong and sustained demand. The cryptocurrency’s excessive liquidity and market capitalization make it a positive selection for merchants and buyers.

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