April 19, 2024
Sei Network Surges, SEIYAN Meme Coin Dominates Bets
Latest Cryptocurrency News

Sei Network Surges: SEIYAN Meme Coin Dominates Bets

Sei Network’s SEI tokens have surged over 75% in the past week, emerging as top performers on the first day of 2024, driven by the parallelized Ethereum Virtual Machine (EVM) narrative. The EVM, functioning as a virtual computer for smart contracts and Ethereum applications, is a crucial component in the blockchain industry. Parallelization, a newer blockchain process settling multiple transactions simultaneously, is contributing to Sei’s recent success.

Launched in August, Sei Network prioritizes speed, low fees, and features tailored for trading applications, backed by notable investors Jump Crypto and Multicoin Capital. Despite initially reaching a $400 million capitalization within 24 hours, the following months saw modest on-chain trading behavior. However, the recent surge in token trading activities on non-Ethereum blockchains like Solana and Avalanche has prompted speculators to explore alternatives, benefiting networks such as Sei.

On-chain metrics for Sei Network are exhibiting rapid growth, encouraging bullish bets on ecosystem plays in the short term. The meme coin SEIYAN, associated with SEI holders, witnessed a 400% gain in the past week, indicating broader ecosystem growth.

Currently, over $5.5 million is locked in Sei-based decentralized applications (dapps), with Astroport, a trading service, holding more than 95% of this value. The liquid staking protocol Kryptonite’s SEILOR tokens rose by 80% in the past 24 hours, reflecting the growing interest in fundamental plays.

SEI futures open interest surged from $69 million at the start of December to $228 million on Tuesday, suggesting a substantial increase in trading interest for the tokens.

Anticipation for Sei Network’s major upgrade, expected to make it the fastest blockchain with added features, is contributing to the hype. Developers plan to release the upgrade in a public testnet in Q1 2024, followed by deployment to the mainnet in H1 2024, pending audits.

Sei’s recent success underscores the shifting dynamics in the blockchain space, with investors seeking alternatives beyond Ethereum, driven by the promise of enhanced speed and functionality in emerging networks.

Image by Freepik

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