SEI's price surged by 95% over the last week, attributable to several factors. Let's explore three main reasons fueling this growth.
Selection for U.S. State-Backed Stablecoin Project
One of the major drivers of SEI's price rally is its recent selection by the Wyoming Stable Token Commission. SEI was chosen as a candidate for creating the first U.S. state-backed stablecoin, which is significant as it beat out notable blockchains like Ethereum and Base. SEI also scored a perfect 30 out of 30 on the technical review, reflecting the strength of its technology. This event has attracted the attention of U.S. regulators, boosting investor confidence.
Surge in On-Chain Activity
The SEI ecosystem is rapidly growing. According to Austin Hilton, the project's decentralized exchanges (DEXs) are showing record usage, with daily swap volume hitting $327 million, up nearly 200% month-on-month. Protocols such as SailorFi, DragonSwap, and Symphony are driving this activity. SEI now ranks second among all EVM chains in active wallets, boasting 8.1 million wallets and a 74% growth rate in recent months.
Support from Major Investors and Infrastructure Upgrades
SEI is backed by major players, including Coinbase Ventures, Multicoin Capital, and Jump, with a $120 million ecosystem fund to support future growth. Additionally, SEI is undergoing a major infrastructure upgrade, preparing the network for increased usage. According to Hilton, all these factors combined with bullish price action are paving the way for further gains.
With strong fundamentals, growing user adoption, and backing from significant investors, SEI's recent price boost is more than just a random spike; it appears to be the beginning of something much bigger.
