Appeared $SEI

, the native currency of the #SEİ network, as one of the best-performing digital assets in June. The open-source layer one blockchain built on Cosmos has risen by over 100% since the beginning of the month.

This rise comes despite a general downturn among altcoins, with the currency $SEI standing out as an exception this month.

Price $SEI doubles in June: What users need to know

SEI's price surged by about 10% in the last 24 hours alone, according to BeInCrypto data, and by more than 90% in the past week. Over the last month, the currency has risen by more than 100%. At the time of writing, SEI was trading at a price of $0.30425.

SEI Price Performance.

This movement was spurred by a series of positive developments, most notably SEI's selection to pilot a government-backed stablecoin, increased institutional interest from Circle, ETF prospects, and rising ecosystem adoption.

Choosing to pilot the stablecoin in Wyoming enhances credibility

The clearest catalyst for SEI's explosive rise was Wyoming's official selection of the SEI network to pilot a blockchain-based stablecoin. As part of the initiative, SEI outperformed more established networks like #Ethereum and #Avalanche and #Sui and #Ripple .

The announcement boosted SEI's reputation, indicating strong public sector confidence in its technical capabilities and regulatory position. This high-level endorsement ignited optimism among the community and investors, especially as more U.S. states begin exploring digital dollar infrastructure.

Institutional Fuel: Circle Holdings and ETF Application for SEI

The institutional narrative for SEI has also gained significant momentum. Circle, the issuer of the USDC stablecoin, revealed in its IPO filings that SEI is the largest digital currency on its balance sheet, surpassing Ethereum and Bitcoin holdings.

This revelation has redefined investors' perception of SEI's strategic importance and long-term potential.

In addition to the momentum, asset management company Canary Capital filed for an SEI-based ETF. If approved, the fund would represent a historic step in expanding institutional access to the SEI ecosystem.

"It's exciting to see significant progress in institutional adoption of Sei," commented Jeff Feng, co-founder of Sei, in a post.

This narrative around the ETF and Circle's support has fueled expectations for more organized capital flows and reduced volatility. Notably, these are key metrics for risk-averse institutional investors.

Ecosystem growth and whale flows support price movement

Beyond the headlines, real adoption metrics support SEI's positive momentum. BeInCrypto reported that the network recently reached 600,000 active wallets, even with a 30% correction in the currency earlier this month.

Active SEI addresses.

SEI recently claimed the second spot among all EVM-compatible chains in terms of user numbers, ahead of Arbitrum, Optimism, Polygon, and BNB Chain.

Philip, a member of the Sei community, emphasized Sei's increasing dominance, holding nearly 30% of the entire Web3 gaming market share. It surpasses networks like Ronin and BNB in attracting users.

The total value locked (TVL) on SEI has also surged sharply, now at an all-time high and halfway to the billion-dollar mark.

According to DappRadar data, SEI has a total locked value of $560.28 million at the time of writing, with new DeFi protocols Takara Lending and Yaka Finance among those driving growth.

Total locked value of Sei

World Liberty Financial buys $1 million worth of SEI

In addition to buying pressure, blockchain investigator Lookonchain reported that World Liberty Financial associated with Trump purchased nearly 6 million SEI coins worth $1 million, now valued at $1.8 million.

Thus, the Trump family's DeFi project achieved an unrealized profit of 80%.

The deal seems to have amplified traders' fear of missing out (FOMO), as CoinGecko data shows daily trading volumes exceeding $1 billion.

Trading volume of SEI.

With on-chain metrics converging, institutional compatibility, and government partnerships, SEI's performance may initiate a long-term trend.

However, this depends on maintaining network momentum and facing competitors in the fast-paced layer one (L1) race.