Altcoin SEI surges 47% after Wyoming stablecoin candidate CI selected
Altcoin SEI (SEI) has surged 46.5% in the last 24 hours to hit $0.2855, becoming the top 100 best-performing crypto asset of the day according to CoinGecko data
Its price has gained 72% overall in the past seven days
The SEI network has its own native token, a Cosmos-based Layer 1 blockchain and was launched in August 2023
It is specifically designed to meet the needs of decentralized exchanges (DEXs)
SEI’s sudden price surge is largely due to the Wyoming Stablecoin Commission’s selection of it as a candidate blockchain for its upcoming dollar-based stablecoin, WYST
The competition also includes other well-known blockchains such as Aptos, Arbitrum, Avalanche, Base, Ethereum, Polygon, Optimism, Stellar, Solana, and Sui.
Wyoming will become the first US state to issue its own stablecoin, with a target release in August.
Although the project is facing political opposition from some Republican lawmakers, who see it as akin to a government-issued CBDC.
In addition to Wyoming’s support, SEI has also shown impressive growth within its network in recent weeks, according to experts.
In the past two months, SEI has seen a 180% increase in on-chain activity, with daily active addresses and a 20% increase in daily transactions,
Its total value locked (TVL) has also now reached $542.17 million. is up nearly 200 percent since March,
In addition, Rajiv Sawhney, international portfolio manager at Wave Digital Assets, said that Canary Capital has applied for an SEI ETF in May,
which will make it easier for institutional investors to invest in this crypto asset,
He believes that investors are speculating in this altcoin based on this potential SEC approval.
This is news, this is analysis,
This is not financial advice from the post, if you want to invest in the crypto market, first do thorough research, then buy.