Sei price jumps 22% to 5-month high, driven by USDC integration
Sei extended its recent gains to its highest level in five months, jumping 22% to touch highs of $0.35, with stablecoin integration a key catalyst.
The Sei ( SEI ) token gained as top cryptocurrencies mirrored Bitcoin ( BTC )’s surge to new record highs.
With Bitcoin rallying to above $118k to see over $1 billion in shorts liquidated , Sei broke out. Prices tapped bullish momentum to break above the key resistance of $0.30, with bulls taking advantage to hit levels last seen on January 31, 2025.
The supply zone around intraday highs of $0.35 represents a previous key support level from November 2024, above which SEI rose to hit $0.73.
Sei price chart. Source: crypto.news
The Sei token reached its all-time high of $1.14 in March 2024.
Sei gains amid stablecoin traction
On July 10, the Sei Development Foundation announced a major milestone for the layer 1 blockchain network, a step it said is more than transformative.
A year after its Sei V2 network launched, the ecosystem has seen a nearly 800% spike in total value locked and over 3,600% surge in daily Ethereum Virtual Machine transactions.The L1 has also attracted a huge number of developers.
Stablecoin integration is what sets Sei ready for the next level of growth – from a high-performance network to the crypto and financial markets’ cross-chain liquidity hub.
Putting Sei on the map is its integration of native USDC ( USDC ), the stablecoin’s native access coming at a time Sei has notched a 100% rise in stablecoin TVL. This aligns with a 300% spike in stablecoin transactions, notably pushing monthly stablecoin transactions to approximately 240 million since January 2024.
Also launching on Sei is Circle’s cross-chain transfer protocol.
CCTP V2 will help unlock the next phase of cross-chain value. Other than a fresh institutional on/off-ramp, native USDC means Sei growth as it becomes a key player in decentralized finance, gaming and payments and more.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Super Micro Computer Exceeds Expectations, "AI Stocks" Rebound, and "Server Giants" Dell and HPE Surge
Super Micro Computer expects quarterly revenue for the period ending September 30 to reach $18.5–19.5 billion, a year-over-year surge of 279% and about 27% higher than previous guidance, with gross margin also rising to 12%–12.5%. The stock price soared 15% after hours, while Dell Technologies rose about 6% and Hewlett Packard Enterprise increased about 5% after hours. Analysts pointed out that this data confirms strong demand for AI computing power, and the full financial report will be released on November 3.
After consecutive rate hikes, the Bank of Korea is expected to "take a breather" this week, but high inflation and the chip boom continue to support the tightening cycle
Economists generally expect the Bank of Korea to keep interest rates unchanged this week to assess the impact of the rare consecutive rate hikes, while leaving room for further increases.
Musk Accelerates "Super Intelligence" Ambition: SpaceX (SPCX.US) and Tesla (TSLA.US) Discuss $3.5 Trillion Merger, ASML Rushes Delivery for Terafab
Musk stated that SpaceX and Tesla have begun exploring the possibility of a merger. Meanwhile, ASML and other companies are accelerating the provision of chip manufacturing equipment for Terafab.
The "burning money-to-monetization" cycle is validated for the first time! SI business supports SpaceX (SPCX.US) in achieving its first quarterly profit since listing—Elon Musk presses the "merge" button
Elon Musk provided three answers in one evening: The company can be profitable; AI can take the lead; and the merger with Tesla is real.
Crypto prices
More
