SEI Token Rockets Over 80%: What’s Fueling the Altcoin’s Rise in 2024?

The price of Sei tokens has skyrocketed in 2024, driven by a surge in demand that has propelled it to an all-time high of $0.80.

This surge represents a staggering 700% increase from its 2023 low, cementing its position as one of the world’s most sought-after cryptocurrencies.

Sei has emerged as a standout player in the crypto landscape, with a current market value of more than $1.7 billion.

Sei tokens made a significant impact in the futures market, with open interest exceeding $160 million shortly after their August launch.

This achievement coincided with the platform’s pledge to become carbon neutral, highlighting the growing importance of sustainability in the crypto space.

According to the most recent data, the Sei price has increased significantly, rising 20% in the last day to $0.76.

As per Coingecko data, the token’s weekly rise is at an impressive 80%, highlighting its momentum and appeal among investors.

Sei, which was launched a few months ago through the Binance Launchpool program, has quickly become a prominent player in the blockchain network space.

It is currently the largest crypto in the Binance Launchpool, sharing the ecosystem with notable participants such as Pendle, Klaytn, Beam, and Sui.

The Sei network’s key decentralized finance (DeFi) applications, such as Astroport, Levana Perps, Fuzio, and White Whale Dex, have played a critical role in driving the network’s consistent expansion.

Despite being a young ecosystem in comparison to established competitors, Sei’s DeFi applications contribute significantly to its growing popularity.

The total locked value (TVL) across all of Sei’s decentralized applications is currently around $6.39 million. Sei is distinguished by its exceptionally high DeFi TVL to market cap ratio of 266.