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 value is attributed to a number of key developments and indicators within the Sei ecosystem.
Based mostly 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 improve of 12.45% within the final 24 hours and a formidable progress of 186.27% over the previous 30 days.
Progress drivers
A number of components have contributed to the exceptional progress since its somewhat 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 foreign money for actions on the Sei blockchain, and the community’s enlargement and technical achievements are seemingly driving investor curiosity.
Technological developments have additionally performed an important position. Sei has achieved a notable technical milestone by decreasing its time-to-finality to 390 milliseconds, one of many quickest in blockchain networks.
Sei has additionally not too long ago carried out inner parallelization of the Ethereum Digital Machine (EVM), enhancing the effectivity of decentralized purposes 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 position in driving the value surge. Sei Community not too long ago partnered with entities like Kryptonite and Gecko Terminal to broaden its ecosystem.
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 exceptional energy, 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 alternative for merchants and buyers.