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TL;DR
- SEI Token New High: SEI, the native token of Sei Network, has reached an all-time high price, strengthening its ranking in the market.
- SEIYAN’s contribution: The introduction and rapid increase in value of SEIYAN, a related memecoin, may have influenced SEI’s performance.
SEI hits new high
SEI – the native token of the Sei blockchain network of the Ethereum Virtual Machine (EVM) – climb today (January 2) at an all-time high price of almost $0.80 (according to CoinGecko data). Its market capitalization exceeded $1.8 billion, placing the digital asset at 56th place.
Besides the price rise, the total value locked (TVL) on Sei has also headed north. For the moment, he stands to $5.6 million (according to DefiLlama), an increase of 3,500% compared to August statistics.
One factor that could have played a role in the uptrend is the rise of SEIYAN. Describe as “the main coin of Sei Network”, its price exploited an ATH of $0.07 on January 2. SEIYAN came into existence in late December 2023, experiencing a 380% increase in value over the past week.
The hype around memecoins is not specific to SEI. In December, Solana saw huge trading volumes and activity, mainly driven by the emergence of community 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 very volatile and their value often fluctuates wildly within a single day. The largest tokens of this type remain Elon Musk’s favorite – Dogecoin (DOGE) – and its rival – Shiba Inu (SHIB). For more information on memecoins, their specificities and their objectives, do not hesitate to watch our dedicated video below:
The bullish mode of the market
SEI’s valuation could also have benefited from the overall green wave in the cryptocurrency market. As CryptoPotato recently reported, Bitcoin (BTC) exceeds the $45,000 mark for the first time since April 2022, perhaps due to the expected approval of a spot BTC ETF in the United States.
Other assets, including Solana (SOL), Ethereum (ETH), Avalanche (AVAX), NEAR Protocol (NEAR), and Polkadot (DOT), also saw notable gains.
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