Solana (CRYPTO: SOL) killer Sei Network’s token, SEI (CRYPTO: SEI), has seen a surge of 13% today, outperforming major cryptocurrencies like Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) in the last 24-hours.
What Happened: At the time of writing, BTC and ETH were up 2-4% in the last 24 hours.
Sei Network operates on the Cosmos blockchain and is primarily designed to optimize the trading landscape for decentralized exchanges. With parallelized EVM—a technology that allows multiple transactions to be processed simultaneously—Sei aims to revolutionize how digital assets are exchanged by improving speed and reducing transaction costs.
The network has caught the attention of investors with its SEI token, which has delivered gains of more than 75% over the past week. The Ethereum Virtual Machine compatibility suggests that the Sei Network is capable of supporting a range of applications built for the Ethereum network.
Why It Matters: Despite a strong start showing where SEI tokens reached a market capitalization of $400 million within the first day, the subsequent months saw quieter trading activity on the network. However, a renewal of interest in alternative blockchain networks—prompted in part by a trading spike in Solana and Avalanche tokens—has catapulted networks like Sei into the spotlight.
Sei Network shows that it can handle many different types of apps, including creating meme coins, which are an active and growing part of the crypto world. Solana’s meme coins like BONK (CRYPTO: BONK) and dogwifhat are up over 100% in the last 30 days. However, a meme coin named Milli on SEI blockchain, which capitalizes on the narrative of the SEI's lightning fast transactions, has already entered its pre-launch phase."Born with a flash of inspiration and rooted in a bonded friendship. Milli is not just top speed, it´s the general mindset for the pole position!" read the about section on Milli website.
Pseudonymous Crypto analyst Bluntz has kept a close watch on Sei, especially given its competitive position against Solana. Bluntz’s observation indicates that Sei is potentially at the tail end of its upward movement, known as the “fifth-wave,” and may reach record highs, surpassing $1.
“SEI has consolidated enough now, in my opinion, still yet to put in the macro fifth wave higher on daily. Psychological $1 zone next stop, potentially even higher,” says Bluntz.
Price Action: SEI was trading at $0.73, up 13.35% in the last 24 hours, according to Benzinga Pro.
Photo by Avi Rozen on Shutterstock