2024 noticed a pointy enhance within the value of Sei tokens as a consequence of a surge in demand. It reached a document excessive of $0.80, greater than 700% increased 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 yr, the cryptocurrency within the futures market noticed open curiosity surpassing $160 million. This important achievement got here after the platform declared its intention to realize carbon neutrality.

The Sei value has seen positive factors, 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 the moment buying and selling at $0.7367 on the each day chart: TradingView.com

Launched via the Binance Launchpool program a number of 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 individuals within the ecosystem.

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

SEI TVL Hits $5 Million

The overall locked worth of those dApps is roughly $6.39 million, which interprets to a very 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 larger progress and worth seize within the DeFi house.

SEI TVL. Supply: DeFiLlama

SEI Value Evaluation

The chart (beneath) exhibits the value of the Sei cryptocurrency over time. The value has been growing steadily because the starting of 2024, and it’s at the moment buying and selling at round $0.76.

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

Listed here are among the key takeaways from the chart:

•  Sei has been on a tear because the starting of 2024, with its value greater than doubling in just some weeks
•  The RSI and MACD indicators are each within the inexperienced zone, which suggests that there’s nonetheless shopping for stress on Sei and that the value is prone 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 whole lot of potential. Nevertheless, it is very important do not forget that the cryptocurrency market is risky, and the value of Sei might change quickly.

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

Featured picture from Shutterstock

Disclaimer: The article is supplied for instructional functions solely. It doesn’t signify the opinions of NewsBTC on whether or not to purchase, promote or maintain any investments and naturally investing carries dangers. You’re suggested to conduct your personal analysis earlier than making any funding choices. Use info supplied on this web site solely at your personal danger.