2024 noticed a pointy enhance within the value of Sei tokens because of a surge in demand. It reached a report excessive of $0.80, greater than 700% greater than its 2023 low, and now has a market worth of greater than $1.7 billion. It now ranks among the many hottest cryptocurrencies worldwide.

Upon its launch in August of that very same 12 months, the cryptocurrency within the futures market noticed open curiosity surpassing $160 million. This important achievement got here after the platform declared its intention to attain carbon neutrality.

The Sei value has seen features, rising 20% within the final day to commerce at $0.76 on the time of writing. This happens because the token skilled an 80% weekly rise, in keeping with Coingecko knowledge.

SEIUSD at present buying and selling at $0.7367 on the each day chart: TradingView.com

Launched by the Binance Launchpool program just a few months in the past, Sei is a outstanding blockchain community. By market capitalization, it’s now the biggest cryptocurrency within the Binance Launchpool. Pendle, Klaytn, Beam, Sui, and others are the opposite members within the ecosystem.

The important thing DeFi functions of Sei community, together with as Astroport, Levana Perps, Fuzio, and White Whale Dex, are driving the community’s regular enlargement, despite the fact that it’s nonetheless a younger ecosystem compared to its extra established counterparts.

SEI TVL Hits $5 Million

The whole locked worth of those dApps is roughly $6.39 million, which interprets to a really excessive DeFi TVL to market cap ratio of 266. With Ethereum at 9.6, Tron at 1.3, and BNB at 13.77, these ratios pale compared to Sei’s, which underscores the platform’s potential for even better progress and worth seize within the DeFi house.

SEI TVL. Supply: DeFiLlama

SEI Value Evaluation

The chart (under) exhibits the value of the Sei cryptocurrency over time. The worth has been rising steadily for the reason that starting of 2024, and it’s at present buying and selling at round $0.76.

The Relative Energy Index (RSI) and Transferring Common Convergence Divergence (MACD) indicators are each within the inexperienced zone, which suggests that there’s nonetheless shopping for strain on Sei and that the value is more likely to proceed to rise within the brief time period.

Listed below are a few of the key takeaways from the chart:

•  Sei has been on a tear for the reason that starting of 2024, with its value greater than doubling in only a few weeks
•  The RSI and MACD indicators are each within the inexperienced zone, which suggests that there’s nonetheless shopping for strain on Sei and that the value is more likely to proceed to rise within the brief time period
• Nevertheless, the RSI can also be within the overbought area, which signifies that the value could possibly be due for a correction within the close to future

General, the chart means that Sei is a bullish cryptocurrency with a number of potential. Nevertheless, you will need to keep in mind that the cryptocurrency market is unstable, and the value of Sei may change quickly.

Within the meantime, Sei’s value is rising in anticipation of the launch of V2, which goals to make it the primary blockchain with parallelized EVMs. This suggests that Sei’s improved velocity and throughput could also be utilized by any Ethereum or Ethereum Layer 2 utility.

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