"Is it possible for the SEI price to go up to $1?"
A parallel narrative Ethereum Virtual Machine (EVM) in favor of holders of the SEI cryptocurrency founded by Sei Network managed to generate more than 75% profit over the past week to become the best performing token on the first day of 2024.
In context, EVM is a virtual computer where all smart contracts and ETH applications are used while parallel is a relatively new blockchain process that completes multiple transactions simultaneously on the network.
The Sei Network launched in August 2023 as a trade-focused blockchain backed by leading investors Jump Crypto and Multicoin Capital designed for speed, transaction fees, fees and other features to support specific types of trading applications.
There is no denying that the recent trading of tokens in blockchains such as Solana (SOL) and Avalanche (AVAX) has encouraged investors to bet on blockchains other than ETH further benefiting the Sei network.
Like to be informed memecoin SEIYAN the term for SEI holders has gained 400% in the past week while as of Tuesday yesterday, there is over $.5 million locked up on Sei based decentralized applications.
Not only that, tokei SEILOR Kryptonite protocol staking liquid has gained 80% in the past 24 hours while SEI futures open interest or the number of unsettled contracts rose at $228 million yesterday from $69 million at the beginning of December 2023.
Sei's hype could be fueled by future updates that developers say will make the network the fastest blockchain in the crypto market while adding other features that allow project developers to use auditable smart contracts from the EVM network.
Immediately after surging as high as $0.79, SEI price which is currently trading at $0.71 seems to have retreated by 4.95% in the last 24 hours but still gained 36.31% in the last seven days.
