SEI Token Drops 7.44% After Strong Rally: Ecosystem Growth and Giga Upgrade in Focus

SEIUSDT experienced a notable price decline of 7.44% over the last 24 hours, currently trading at 0.2775 on Binance after opening at 0.2998. The recent drop follows a period of strong upward momentum driven by several positive developments, including Sei Network’s selection for the Wyoming state-backed stablecoin pilot, Circle identifying SEI as its largest crypto holding, and increased DeFi activity with the network’s total value locked reaching a record $560 million. Additional bullish factors included anticipation of the upcoming “Giga” protocol upgrade and new token launches on the network, which previously fueled significant rallies and attracted investor interest.

Despite these positive catalysts, the current pullback may be attributed to short-term profit-taking after recent rapid gains, as well as broader market volatility and mixed sentiment forecasts suggesting a possible near-term correction. Trading volume in the past 24 hours was $52.75 million, with SEI showing a 31.57% gain over the past month but remaining down 22.83% year-over-year. Overall, SEI remains a closely watched asset due to its recent ecosystem growth and ongoing technical upgrades, though near-term price action reflects heightened volatility.