Sei (SEI/USD) has been making significant waves in the blockchain community this week, with its price surging and positive on-chain metrics indicating strong support. The cryptocurrency has gained 36.2% over the past week, bringing its total gains since its inception in August 2023 to a staggering 11,620%.
The excitement surrounding Sei was sparked by a tweet from co-founder Jayendra Jog on February 11. In the tweet, Jog teased, “Big things coming soon,” hinting at the highly anticipated V2 testnet event in the Cosmos-based blockchain community. This announcement generated a lot of buzz among Sei users and analysts, with many predicting that the token’s price could reach $1 in the near future.
One of the predictions came from Trader Fred, a pseudonymous crypto analyst, who stated that $1 for Sei is imminent. Another analyst, known as Top Gainer Today, also saw the potential for Sei to reach $1 and even set a second target of $2. These optimistic forecasts have fueled further excitement and investment in the cryptocurrency.
One of the key developments that contributed to Sei’s recent surge is the launch of its second iteration of Devnet on February 13. This update allows developers to deploy code compatible with the Ethereum Virtual Machine (EVM) on the Sei blockchain, providing them with more flexibility and opportunities for experimentation.
Data from a Sei analytics dashboard reveals impressive on-chain activity, with 10.4 million weekly transactions as of February 14, bringing the total number of transactions to 881.5 million. Additionally, there has been an influx of 8,000 new users, bringing the total user count to 964,000.
Sei is a proof-of-stake blockchain built with the cosmos SDK, making it a promising platform for developers and users alike. The recent technical upgrade and positive on-chain activity suggest a bullish sentiment for Sei’s performance, especially amid the wider market rally that Bitcoin, Ethereum, and Solana have also experienced.
While these major cryptocurrencies have seen significant gains, there is potential for Layer-1 blockchains like Sei to rally even further in a trending market. As the blockchain community eagerly awaits the V2 testnet event, there is a sense of anticipation and optimism surrounding Sei’s future.
In conclusion, Sei’s recent surge in price and positive on-chain metrics indicate a strong performance for the cryptocurrency. With the upcoming V2 testnet event and the growing number of users and transactions, Sei’s bullish sentiment is expected to continue. As the wider market rally continues, Layer-1 blockchains like Sei could see further gains in the coming weeks.
