Altcoin Sei Leaps 47% Following Wyoming Stablecoin Candidacy
Altcoin Sei (SEI) surged 46.5% to $0.2855 in 24 hours, marking a 72% increase over the past week. SEI is the native token of the Sei Network, a Cosmos-based Layer 1 blockchain launched in August 2023, designed for decentralized exchanges (DEXs). The price increase follows the Wyoming Stable Token Commission's selection of Sei as a candidate blockchain for its dollar-pegged stablecoin, WYST, which aims for an August release. This initiative faces political opposition from some Republican lawmakers. Analysts noted SEI's strong on-chain growth, with daily active addresses up 180% and daily transactions rising by 20%. The project's Total Value Locked (TVL) is $542.17 million, a 200% increase since March. Additionally, asset manager Canary Capital filed for an SEI ETF in May, potentially easing institutional investment.
