- SEI token was the best-performing cryptocurrency on Tuesday.
- It launched its mainnet as exchanges like Binance and Huobi listed it.
SEI crypto token surged on its first trading day as investors cheered the new kid in the block and as exchanges like Binance and Huobi rushed to list it. According to CoinMarketCap, the token surged to $0.185 on Tuesday, pushing its total market cap to over $333 million.
Sei is a new blockchain project backed by the likes of Jump Crypto and Flow Traders. It is a layer-1 network that is focused purely on the crypto trading industry. Creators in its platform are building dApps that simplify crypto, NFTs, and other assets trading.
Like other new chains, SEI claims that its chain is faster than incumbents platforms like Ethereum and Solana. It is also significantly cheaper than other networks, with each transaction costing cents.
Sei Labs, the platform’s developer, raised $30 million from a group of investors. These funds have helped it reach more than 200 developers who are working on it. Also, over 7.5 million wallets have been created in the ecosystem. The developers said:
“There is a misconception that Sei is a decentralized finance (DeFi) focused chain, but we have more of a focus on social platforms, gaming, and carbon credits. There are plenty of other places to trade DeFi assets.”
Sei price prediction
For now, it is not possible to conduct a technical analysis on Sei price since the token has just listed. Still, we can use history and our experience to predict where the coin will be in the future.
For one, Sei is joining one of the most competitive industries in the world. It is competing with other layer-1 ntetworks like Zilliqa, Ethereum, and Solana. At the same time, it is battling with layer-2 networks like Arbitrum, Optimism, and Polygon.
Also, we can look at the performance of other well-funded projects that listed recently like Aptos and Sui. While they were backed by heavyweight investors, their tokens have not done well. The same is true with WorldCoin’s WLD token, which is down by over 70% from its peak.
Therefore, my view is that Sei price will continue thriving on Tuesday and then it will recoil in the next few days as investors take profits. In this case, I would suggest waiting for the dip instead of buying at the top.
