Major Network Upgrade Triggers Surge in Sei Token Price: Analyst Anticipate SEI’s ‘Big Breakout’
The price of Sei (SEI), the native token of the Sei parallelized blockchain network, has surged 18% over the last day amid an upgrade to the project’s developer test network.
According to CoinMarketCap, SEI was trading at $0.868116 at press time with $600 million in trading volume over the previous 24 hours. The spike follows a major upgrade to Sei’s permissionless public Devnet to version 2.0, which went live this week.
Sei Touts New Devnet as Path to Wider Adoption
In a tweet, the official Sei Network account announced that its Devnet upgrade enables developers to begin deploying decentralized applications (dApps) built for compatibility with the Ethereum Virtual Machine (EVM).
Many DeFi protocols like Uniswap use EVM, so the shift opens up Sei’s high-speed network to an array of applications. While targeted at developers for now, the upgrade signals Sei’s intent to build a richer ecosystem of dApps ahead of a mainnet launch.
Whale_Of_City, a crypto analyst on X, noted enthusiasm for SEI’s long-term prospects following the upgrade. “SEI will be big in [the] upcoming bull run,” they tweeted. “You can add some between $0.5-$0.58 and the rest below $0.4 if the market allows.”
Crypto Jobs, another analyst account, tweeted more immediate optimism for SEI, writing, “Big breakout imminent.”
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Show more +The Devnet v2 upgrade represents a milestone for the network as it seeks to attract developers interested in taking advantage of Sei’s boosted transaction speeds. With the path cleared for EVM compatibility, the project now aims to achieve wider adoption by showcasing the benefits of its architecture to the DeFi community.
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