coinedition.com
SEI, the native token of Sei’s blockchain scaling solution, rose quickly after being listed on major exchanges. Following the blockchain network’s beta launch, Coinbase, Binance, Bybit, and Bitget listed SEI on their platforms.
Less than 24 hours after listing on these crypto exchanges, SEI’s value rose to $0.2556, at the time of writing, according to data from CoinmarketCap. By achieving this price, SEI gained 3,106% in the past 24 hours, marking one of the most remarkable rallies of any crypto token in 2023.
As of the time of writing, SEI’s market cap was $460.5 million, with a 24-hour trading volume of $1.47 billion. The influx of investment into the Sei network ecosystem shot the novel cryptocurrency into the top 100 cryptocurrencies on CoinmarketCap. SEI token ranked in the 80th position at the time of writing in what crypto users popularly agreed to be an extraordinary rise.
Sei is a layer-two blockchain scaling solution built on the Cosmos development kit. According to its developers, Sei will scale the capabilities of decentralized exchanges (DEXs) using a matching engine and order front-run prevention tools. Sei creators also claim the solution can finalize transactions within 0.5 seconds and process as many as 20,000 transactions per time.
According to reports, developers claim Sei processed over 400 million transactions across 7.5 million test wallets during its alpha phase. Crypto users suspect such a positive message contributed to the hype following the beta launch and the extraordinary SEI price rally.
In an independent development, BONE, the ShibaSwap DEX governance token, recovered from a dip yesterday. The token’s price fell to the $1.24 support region before embarking on a quick bounce. BONE recovered from the drop and climbed to $1.65, gaining 33.2%. TradingView data shows the price has retraced a bit, with BONE trading at $1.536 at the time of writing.