Why is SEI Price Up By 23%?

January 2, 2024

Market Analyst Claims SEI is Printing - Could SEI Price Hit $1 Before Year-End?

SEI, the native token of the Sei Network blockchain, has seen immense volatility this week, with prices rising 23.13% in the past 24 hours. Key highlights include:

24H Low: $0.6077
24H High: $0.7947
24H Volume: $1.23 billion, up 119%

Launched in August, Sei Network quickly reached a $400 million market cap on the back of support from major crypto venture funds like Jump Crypto and Multicoin Capital.

However, on-chain activity remained muted in subsequent months as SEI traded sideways—until this recent outbreak of speculative frenzy.

Source: CoinStats – Start using it today

The increase aligns with the team providing details on a noteworthy network upgrade called Sei Zero. Planned features include:

Making Sei the fastest blockchain in terms of TPS
Letting developers deploy audited smart contracts from EVM chains
Introducing parallelized transaction processing

Per the developers, these changes could make Sei far more appealing for traders and decentralized applications.

Celebrate Dogecoin and Make Big Gains with Doge2014!

Doge2014 raises 500K in days celebrating Dogecoin. Make potentially big profits and get in on exclusive airdrop!

Show more +

In the wider context, there is a growing interest among speculators in “ETH killer” blockchains such as Solana and Avalanche. As capital shifts away from recent outperformers and moves into the next promising blockchain, networks like Sei are poised to gain advantages.

In summary, a major network upgrade appears to be catalyzing a renewed hype cycle for Sei and its native SEI token among crypto traders hungry for the next big thing. The sustainability of this explosive price action remains an open question.

We recommend eToro

Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more

Visit eToro Now

Active user community and social features like news feeds, chats for specific coins available for trading.
Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs.
Copy trading: allows users to copy the trades of leading traders, for free.
User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.