SEI Token Surges 35%, Reaching New All-Time High

Sei (SEI) has been registering notable gains over the past month with the asset’s recent rally over the 24 hours helping it reach a new all-time high (ATH).

SEI surged by 35% in the past 24 hours and is currently trading at $0.2659, marking a new ATH. The asset’s market cap stands at $645 million at the time of writing. Data shows that Sei’s daily trading volume has surpassed its market capitalization, hovering around the $656 million mark.
It’s important to note that only 2.175 billion SEI tokens have been added to its circulating supply so far, which has a total supply of 10 billion coins.

Moreover, Sei registered an 85% and 170% surge over the past week and past 30 days, respectively.

SEI is still sailing in the bullish zone as it’s above the $0.22 support zone. A price plunge below the $0.20 resistance zone could potentially put the asset in a highly volatile condition.
Last week, SEI registered a 91% surge in seven days after a strategic investment from Circle, the issuer of the second-largest stablecoin USDC.

Sei blockchain to add Ethereum Virtual Machine support in V2 upgrade
Trading-focused Layer 1 blockchain Sei will add support for the Ethereum Virtual Machine (EVM) in its upcoming version 2 (V2) upgrade. This will enable developers to port Ethereum-based contracts over to the network and use them on it.

To add this feature, Sei V2 will incorporate Geth, a Go implementation of the Ethereum Virtual Machine. Geth is the most widely used Ethereum client software.

Expanding on Sei V1
Sei has been operational on the mainnet beta since the V1 launch in August, offering support for Cosmos smart contracts written in Rust. With Sei V2, the team behind it aims to broaden its appeal to a wider range of developers. The development will add a fully parallelized EVM-compatible layer with sub-second finality (the speed at which transactions are confirmed).

What is Sei?
Sei is a Cosmos SDK-based proof-of-stake blockchain, designed to be optimized for trading with its ability to execute sub-second blocks. In April 2023, Sei Labs, the core developer of the network, raised $30 million in two strategic funding rounds from venture firms including Jump and Multicoin Capital.

With functionality that supports fast decentralized trading, Sei targets a specific niche where it competes with other Cosmos chains like Osmosis, Kava, Injective, Neutron and Kujira.