SEI hits new high after rallying 70% – here’s why

The SEI cryptocurrency, native to the SEI blockchain, has jumped to a new all-time high, reaching an impressive $0.79 after a massive 70% surge over the past seven days. This incremental move has sent shockwaves through the cryptocurrency space, drawing attention to the Sei ecosystem and fundamentals.

Data shows that SEI is currently valued at US$0.70, with a market capitalization of US$1.647 billion and a 24-hour trading volume of US$971 million. While down slightly by 1% in the past 24 hours, the coin has seen a staggering 160% growth over the past 30 days.

source: trading view

The significant rise in SEI can be attributed to a combination of factors that propelled the cryptocurrency from a relatively modest start during airdrops to its launch on exchanges in August 2023.

The driving force behind the rise of SEI

1. Real-world adoption milestones: Prominent among these factors is Sei Network’s significant achievement of processing over 1.1 billion transactions, a clear signal of growth. Real-world adoption of blockchain technology is being developed.

2. Technological advancements: Technological milestones have played a key role in recent growth. Specifically, Sei significantly reduces finalization time to 390 milliseconds, making it one of the fastest blockchain networks. Additionally, the integration of parallelization within the Ethereum Virtual Machine (EVM) improves the efficiency of decentralized applications on this blockchain, increasing their appeal to users and developers.

*Finality is the process by which the system accepts a transaction as valid. This process ensures that the transaction cannot be altered by any entity. Finality is the processing that users must wait for when making transactions, and it can be used to measure transaction latency.

3. Partnerships and ecosystem development: Strategic partnerships and network development, such as the launch of Atlantic-2 testnet and Pacific-1 mainnet beta, increase the credibility of Sei Network. Partnership agreements with companies such as Kryptonite and Gecko Terminal further expand the ecosystem and highlight Sei’s commitment to growth and innovation.

4. Memecoin craze and investor interest: Interestingly, the SEI token has benefited from the recent memecoin craze, as evidenced by the word “SEIYAN” being worshiped by SEI holders. This trend has stimulated increased interest and investment in SEI, thereby contributing to the growth of its value.

prospect

The future remains bright as SEI continues to ride the wave of technology advancements, real-world adoption milestones and strategic partnerships. The blockchain’s adaptability to market fluctuations and continued innovation make it a strong contender in the highly competitive cryptocurrency space.

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according to AZCoin News