YEREVAN (CoinChapter.com) — The price of SEI, the native token of Layer 1 blockchain Sei Network, has started the new year with a massive rally. Over the past 24 hours, the token has surged over 25%, reaching a new all-time-high (ATH) of $0.796. Over the past month alone, SEI gained over 200% in its price, making it one of the best-performing altcoins in the market.
Introduced to the market just months ago, SEI has quickly gained investor confidence. It has added over 1,000% to its price since hitting the market.
One could identify several key factors that could have contributed to the recent SEI price surge.
1. Mainnet Launch installs confidence in Sei Token
The launch of Sei’s mainnet in mid-August 2023 is one of the reasons why SEI has rallied over the past few months. The success of its tenets before this had already demonstrated that the blockchain has the potential to address inefficiencies in the Web 3 infrastructure.
At the time of the public beta launch of Pacific-1, the Sei testnet had already written a few success stories. For example, it had over 200 teams building on it and more than 7.5 million unique wallets registered.
The mainnet launch further garnered significant support from the community, adding to its momentum that led to the current SEI price ATH.
2 Sei V2 Upgrade and collaborations
Following the launch of its mainnet, the Sei network continues to implement a series of updates to its network. The recently announced Sei V2 upgrade includes integration with the Ethereum Virtual Machine (EVM). This major milestone will help boost blockchain interoperability on the network. The upgrade will also benefit Cosmwasm smart contracts on the Sei network.
Additionally, Sei’s strategic partnership with Circle, a prominent entity in the crypto space, has also fueled market enthusiasm.
Sei has also forged partnerships with other market players, such as Kryptonite and Gecko Terminal. These examples of Sei’s expanding ecosystem have enhanced its appeal in the broader blockchain space, helping SEI prices to surge.
3 Sei handles high transaction volumes with zero downtime
The Sei blockchain is designed to support decentralized exchanges (DEXes). Because its operations are focused on digital assets trading, the network has seen a notable jump in transactions.
Recently, Sei processed over 1 billion transactions. Despite the spike, it did not experience any downtime, a testament to its scalability and reliability.
This growth in the ecosystem and its ability to handle high-volume transactions has positively impacted the demand for its in-house token, sending the SEI price to the moon.
4 SEI Price surges post Listings on Major Exchanges
One of the most important reasons the SEI price is pumping is its accessibility to a wide range of investors. Immediately after its launch, several major crypto exchanges listed the token, including Coinbase, Binance, Bybit, KuCoin, and Upbit.
The early listing and institutional support for SEI was a testament to its potential, contributing to the substantial rise in the token’s price and market demand.
5 Market cap and anticipation of future growth
Over the past few months, the Sei blockchain experienced a surge in new user registrations. This wide adoption and user interest made the SEI token’s market cap soar. At the time of writing, its total market capitalization stood at over $1.7 billion.
Moreover, investors are optimistic about the potential of the SEI crypto. With the developers constantly developing new upgrades, traders see scope for further growth and adoption.
These factors, combined with similar developments in the overall crypto market, have fueled a strong bullish momentum for the SEI token, driving its price to an all-time high.
