SEI Token Doubled in Value in June: Corporate Support and Expanding Ecosystem Were Effective

SEI, the native cryptocurrency of the Sei Network, stood out with over 100% increase in June. The Cosmos-based open-source Layer 1 blockchain demonstrated strong performance despite the general market stagnation.

According to BeInCrypto data, SEI has risen approximately 10% in the last 24 hours and over 90% on a weekly basis. At the time of writing, the token is trading at $0.30425. The preference for SEI in the US government-backed stablecoin pilot, along with developments such as Circle's large token assets and potential ETF applications, played a significant role in this increase.

SEI was the Preferred Choice in Wyoming's Stablecoin Pilot

One of the main reasons for SEI's rapid value appreciation was Wyoming's preference for the Sei Network in its blockchain-based stablecoin pilot project. This choice increased SEI's credibility among regulators and the public sector, surpassing established networks like Ethereum, Avalanche, Sui, and Ripple. This development significantly strengthened the trust of the community and investors in the project.

Institutional Support: Circle and ETF Application

SEI's corporate perception is also strengthening. The issuer of the USDC stablecoin, Circle, announced that SEI tokens have surpassed Ethereum and Bitcoin assets in its balance sheet. This positively affected the perception of SEI's strategic importance and long-term potential.

Another important development is that asset manager Canary Capital has filed for a SEI-based ETF. If approved, this ETF could significantly increase institutional investors' access to the SEI ecosystem. Sei's co-founder Jeff Feng commented on this situation, stating, "The progress made in SEI's institutional adoption is exciting."

These two developments support an increase in structured capital inflows to SEI and a decrease in volatility; creating significant advantages, especially for risk-averse institutional investors.

Ecosystem and User Growth

SEI's rise is based not only on news but also on tangible ecosystem growth. The network recently reached 600,000 active wallets. Despite a 30% correction at the beginning of the month, the token ranked second among EVM-compatible chains, outpacing major competitors like Arbitrum, Optimism, Polygon, and BNB Chain in user numbers.

Community members state that Sei controls approximately 30% of the Web3 gaming market and has significant user traction, outpacing networks like Ronin and BNB.

TVL and Major Whale Movements

SEI's total value locked (TVL) is rapidly increasing and approaching the $1 billion mark. DeFi protocols Takara Lend and Yaka Finance are among the prominent projects in this growth. Additionally, blockchain tracker Lookonchain reported that World Liberty Financial, linked to the Trump family, purchased approximately 6 million SEI tokens for $1 million, which are now valued at $1.8 million. This indicates an unrealized profit of nearly 80%.

This large purchase increased the 'fear of missing out' (FOMO) among investors. CoinGecko data shows that SEI's daily trading volumes have exceeded $1 billion.

Is SEI's Parabolic Rise Long-Term?

The on-chain metrics of merging chains, increasing institutional compliance, and government partnerships suggest that SEI's parabolic performance in June could potentially mark the beginning of a long-term upward trend. However, the continuation of this momentum depends on Sei Network outpacing its competitors in Layer 1.

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