What’s Up With the Sei Coin Price Today?

Sei (SEI) Coin price has been on the uptrend for the past couple of months. The growth has accelerated by the end of December and is still continuing. It is currently trading at $0.7635 as of January 4, 2023, with a 3.63% rise in its price in the last 24 hours. The weekly gains went past 60% whereas the monthly gains skyrocketed to 160% as of January 4, 2024.

Sei Coin Overview

Sei coin is one of a kind crypto project that aims to improvise the decentralized exchanges (DExs). It has around 20,000 transactional throughput and just 380 millisecond finality, which is huge compared to top crypto projects like Bitcoin, Ethereum, and Solana. Sei brings innovative infrastructure to the industry to enhance the capabilities of what blockchain applications can do.

Price History and Market Performance

SEI Coin Price Chart
The native cryptocurrency of the Sei project is SEI and it was launched in August 2023. The SEI coin started trading on popular exchanges not long after the project’s mainnet was launched in mid-August, 2023. The starting price of the SEI coin was around $0.1808, which increased considerably and reached a peak of $0.2505 shortly after the launch.
However, the coin price dropped in the following weeks when several investors were disappointed with its airdrop. The SEI coin continued to drop and traded sideways with no significant price surges in the following months. At times, it even plunged to as low as $0.09. The SEI coin’s price rally started with a slight price rise at the end of November 2023. As the price rally didn’t stop, the SEI coin recorded new all-time highs each time.

What is Happening with Sei Coin Price?

SEI Coin Weekly Price Chart
The ongoing price rally of the SEI coin doesn’t seem to stop anywhere now. The SEI coin price is currently hovering around $0.7635, with a market capitalization of $1.7 billion and the 24-hour trading volume of $1.62 billion. The fact that the trading volume has risen by 97% in the last 24 hours is noteworthy. It also reflects the increasing number of traders that are interacting with the SEI coin.
The SEI coin started to rise in its price in the last couple of months. Even though the price rally started at the end of November, it witnessed considerable price surge in mid-December, 2023. With 160% monthly gains, the SEI coin even reached an all-time high value of $0.86 on January 4, 2024.
While the upward price movement of this new project is appreciative, it is not that hard for investors to wonder about what could be the reasons behind it. Firstly, the fundamentals of the Sei project are robust with ultra high transactional throughout and finality. Investors, along with developers, are starting to see that.
Adding to the fundamental factors, the Sei project announced that it is going carbon neutral on December 12, 2023. Sei coin stands out among the many blockchain projects that don’t pay any attention to their environmental effects.
Another major factor that contributed to the growth of the SEI coin is its related meme coin hype. SEIYAN is a meme coin that was created to represent all SEI token holders. The market price of SEIYAN rose by more than 400% in the last week, which made a positive impact on the SEI coin as well. After reaching a peak of around $0.07, SEIYAN token is now witnessing a price drop.
The DeFi activity on SEI token is another noteworthy factor that is adding to the overall growth of the SEI project. As per DeFiLama, the total value locked on Sei network crossed the $10 million mark as of January 4, 2024.

Will the Sei Coin Price Rally Continue?

The Sei token has been on a continuous price rally since November 2023 and it is not going to stop anytime soon. Its robust fundamentals, DeFi activity combined with several external factors such as SEIYAN’s growth are adding to the uptrend of SEI token.
All things considered, the SEI price seems to continue for a few more months as the broader crypto market is also showing positive signs of growth with Bitcoin’s uptrend, upcoming Bitcoin halving, and the anticipation of spot Bitcoin ETF approvals.