Recent news in the blockchain world reveals a significant rise in SEI's price following its selection as a candidate for the WYST stablecoin in Wyoming.
Wyoming's Endorsement of SEI
Wyoming has selected Sei Network as one of two finalists for the rollout of its WYST stablecoin, set to launch in July. This underscores the growing institutional interest in high-performance networks in the U.S. Over the past month, Sei has clarified its capabilities, and the effective utilization of the network has yielded positive results.
Network Metrics Show Growing Interest
Data from Sei v2 indicates that the number of active addresses has reached 616,000, with over 1.5 million transactions processed in 24 hours. These metrics confirm steady growth and user engagement. Additionally, Sei is developing the "Sei Giga" initiative aimed at leveraging the network for AI-based payment solutions.
Technical Data Point to Continued Upside
Technical analysis of the SEI/USDT shows a confirmed breakout from a descending pattern, potentially leading to a price increase of 44% towards $0.27. Derivative data reflects growing confidence, with open interest up 21.88% and trading volume surging 90.93%, indicating increasing trader confidence.
Wyoming's proposal and the growth of Sei Network create favorable conditions for further development of the network and potential price growth for SEI in the future.
