SEI Token Drops 10.84% After Wyoming Stablecoin Surge, On-Chain Activity Hits Record Highs

SEI experienced significant volatility in the past 24 hours, with the price dropping 10.84% to $0.2772 from a 24h open of $0.3109 on Binance. This decline follows a sharp rally earlier in the week, which was driven by major news that the State of Wyoming selected the Sei blockchain for its official state stablecoin (WYST), resulting in a 47% surge and record on-chain activity, including over 8 million active wallets and a rapid increase in DeFi TVL. The recent price correction appears to be a reaction to profit-taking after this rally and broader market volatility, despite continued high trading volumes and institutional interest. Currently, SEI is trading at $0.2772 with elevated liquidity and remains one of the most actively watched altcoins, supported by strong ecosystem growth and recent institutional developments, though short-term sentiment has turned cautious following the pullback.