Why is SEI Price Up By 23%?

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.

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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.

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Vignesh Karunanidhi
Vignesh Karunanidhi

Seasoned crypto writer with deep passion for blockchain and cryptocurrency