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The SEI token, native to the Layer 1 trading blockchain Sei Network, has witnessed an astounding surge of over 3,000% in its value following its listing on major cryptocurrency exchanges. The listing of the token on exchanges including Binance, Bybit, and Bitget took place on August 15, propelling the token’s fully diluted valuation to an impressive $1.8 billion on its inaugural day of trading.
Source: Coinmarketcap
Upon its debut on the Binance exchange, the token made a striking entrance by opening at a modest $0.064 per token. However, its price swiftly escalated, reaching a peak of $0.48 before settling at$0.193. It’s important to note that the token boasts a total supply of 10 billion units, with an initial supply of 1.8 billion units.
While the token’s limited trading history presents an in-depth analysis of its price dynamics, observations from its initial trading sessions indicate that the token demonstrates signs of resilience following a surge and subsequent correction experienced on its first trading day.
Notably, the token’s relative strength index (RSI) has shown remarkable stability, maintaining levels above 50 after surpassing 80 during the previous trading session. It suggests that the token has managed to maintain a degree of buying momentum despite profit-taking activities by some traders.
Due to its status as a newly minted and highly anticipated cryptocurrency, industry experts speculate that the token’s value could experience further upward momentum in the coming days. Analysts foresee the potential for the token to ascend to levels of $0.90 or even higher in the short term.
Source: CoinmarketcapSei’s Vision and Ambitious Plans
On the same day as its listing, Sei Network unveiled the beta phase of its mainnet, marking a significant milestone for the project. Developers behind the network reported substantial activity during the alpha phase, with more than 400 million transactions recorded and 7.5 million test wallets created.
The network has demonstrated remarkable transaction finalization speed, which can process up to 20,000 transactions simultaneously in as little as 0.5 seconds. Sei Network’s infrastructure is built upon the Cosmos software development kit, designed to enhance the trading functionalities of decentralized exchanges (DEXs). Key features include a powerful matching engine and tools to prevent order front-running, poised to revolutionize the DEX landscape.
Jeff Feng, the co-founder of Sei Labs, shared insights into the project’s vision, stating that scalability issues, congestion, and sluggish transaction speeds hamper the current state of Web 3 infrastructure. As part of its ambitious roadmap, the network has plans to introduce 30 Sei applications by the close of the year. Among the notable projects in the pipeline is DEX SushiSwap’s intention to launch a perpetual futures exchange built on the Sei protocol.
The extraordinary surge in the token’s valuation, coupled with the unveiling of Sei Network’s groundbreaking functionalities, is poised to leave an indelible mark on the rapidly evolving landscape of cryptocurrency and blockchain technology.
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