Many cryptocurrencies make traders wealthy even before people know what is happening. After all, not many people believed in Bitcoin before and even after it went live.
Comparing Bitcoin price years ago, we can testify it sprung by thousands of profit percentages. Perhaps the same thing is happening to this cryptocurrency called SEI.
What is SEI?
SEI is a new L1 blockchain that claims to be the fastest in the crypto industry. An independent auditor hasn't verified these claims.
SEI Labs developed this token; its whole utility was created on the Cosmos software development kit. The target audience for this crypto project is in the DeFi sector, as it hopes to bring solutions to the issues of order matching. Furthermore, the SEI blockchain wants to significantly improve the trading capabilities of decentralized exchanges (DEXs).
SEI already has a plan on how to get its target customers. They are banking on the recent crackdown on centralized exchanges like Binance and Coinbase to attract customers to the DeFi world.
In the same way, SEI, in a press release, has asked many decentralized exchanges to prepare for the surge they will experience from users moving from CEXs to DEXs. Moreover, SEI also hopes to solve the blockchain's scalability issue. Due to the challenges many centralized exchanges face with scaling on L1 and L2 infrastructure, SEI hopes to solve this.
"Current Web 3 infrastructure is unscalable, congested, and still too slow. Sei is designed to let apps and other projects scale in a way that no other blockchain can while also maintaining a user-friendly experience," SEI added in one of their press releases.
Nevertheless, it looks like SEI's dream of becoming a leading solution is coming to reality. But it is through their token.
SEI Surges by More Than 3000%
SEI is a crypto project that recently announced the launch of the beta phase mainnet on August 15. Since then, this token has concentrated mainly on moving to new levels.
Early investors who had bet their money on SEI are probably eating well due to the massive pump in the price. One of the contributors to this pump is the SEI token listing. Many popular crypto exchanges, such as Binance, Bybit, Bitget, and Coinbase, have already listed this project.
SEI token listing had done a lot of wonders for this token as it saw its value increase to new levels. At the time of writing, the SEI price is currently $0.22. The daily price increase is currently at more than 19%. For the weekly charts, the price is well above 2666% increase. This is quite massive, considering the current bearish conditions in the market. Furthermore, the monthly chart takes things to a new level at more than a 3100% increase. For the tokenomics of this token, the SEI token supply stands at 10,000,000,000 SEI.
While there's a price increase and obviously some FOMO sentiments, there are concerns about how fast the token might come down in price. With the current market situation, there's no doubt the SEI token will come down in price at some point. But the concern is how fast the bearish trends will come in.