TL;DR
- SEI Token’s New High: SEI, the native token of Sei Network, reached a record price, boosting its market ranking.
- SEIYAN’s Contribution: The introduction and rapid value increase of SEIYAN, a related memecoin, may have influenced SEI’s performance.
SEI Reaches a New Peak
SEI – the native token of the Ethereum Virtual Machine (EVM) blockchain Sei Network – climbed today (January 2) to an all-time high price of almost $0.80 (per CoinGecko’s data). Its market capitalization exceeded $1.8 billion, positioning the digital asset as the 56th largest.
Besides its price rally, the total value locked (TVL) on Sei has also headed north. As of the moment, it stands at $5.6 million (according to DefiLlama), a 3,500% surge compared to the stats from August.
One factor that might have played a role in the uptrend is the rise of SEIYAN. Described as “the main brand coin of Sei Network,” its price tapped an ATH of $0.07 on January 2. SEIYAN saw the light of day at the end of December 2023, experiencing a 380% value increase in the past week.
The hype surrounding memecoins is not specific to SEI. During December, Solana saw tremendous trading volumes and activity, propelled mostly by the emergence of community-oriented cryptocurrencies like ANALOS and dogwifhat (WIF). Other networks had their own alternatives, like SNEK on Cardano and COQ on Avalanche.
However, keep in mind that memecoins are highly volatile, with their value oftentimes fluctuating tremendously within the same day. The largest tokens of that type remain Elon Musk’s favorite – Dogecoin (DOGE) – and its rival – Shiba Inu (SHIB). For more information on memecoins, their specifics, and purposes, feel free to watch our dedicated video below:
The Market’s Bullish Mode
SEI’s valuation might have also benefited from the overall green wave in the cryptocurrency market. As CryptoPotato recently reported, Bitcoin (BTC) surpassed the $45K mark for the first time since April 2022, possibly prompted by the expected approval of a spot BTC ETF in the US.
Other assets, including Solana (SOL), Ethereum (ETH), Avalanche (AVAX), NEAR Protocol (NEAR), and Polkadot (DOT), have also recorded notable gains.
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