Is SEI The New Cardano For 2024? Early SEI Degens Will Be Greatly Rewarded: Analyst

Memecoin SEI, in the past week, rallied 58.6% making it the second best-performing crypto performer after Bitcoin SV with 97.3% gains.

In the past 24 hours, SEI traded 22% higher, taking its monthly gain to 195%.

The total supply for the token, launched on the Sei Network SEI/USD in August, stands at 10 billion with the circulating supply at 2.3 billion tokens.

While the SEI network witnessed a total market cap of $400 million within the first 24 hours after issuance, it currently stands at $1.7 billion.

As Solana and Avalanche attracted interest from investors, SEI also garnered significant attention.

SEI is mainly designed for trading applications and funded by leading crypto venture capitalists including Jump Crypto and Multicoin Capital.

Open Interest for the SEI Network multiplied more than three times to $238.05 million from $69 million in early December 2023, based on CoinGlass data. SEI derivative data indicates volume expanding 131.6% in the past 24 hours.

Based on DeFiLlama data, Sei's total value locked stands at $5.32 million currently compared to $3.28 million as of Dec.1, 2023. Astroport holds the largest value with $5.24 million accounting for 95% of the total.

Analysts have surrounded SEI with a lot of optimism in recent times. The parallelized Ethereum Virtual Machine (EVM) narrative in mid-December took to X to highlight its favor towards Sei Network’s SEI token. EVM is a virtual computer where all smart contracts and Ethereum applications are deployed, while parallelization is a blockchain process that can settle multiple transactions at the same time on the network.

Crypto user, CAPO took to X and stated, “Okay $SEI network, you have my attention. Just bought a @seiyansnft. Where are all the other Seiyans at?”

Professional rekter, Rekt Fencer took to X and stated, “$SEI eco will be next. Early $SEI degens will be greatly rewarded.”

Sei ecosystem supporter Sei Man took to X and stated, “Sei ecosystem growing every day. Don’t be late! Join the sei ecosystem, get some nfts, join communities, and use sei dapps.”