Why Sei is Growing and What is The Price Prediction for 2024
Sei's price has jumped 89% over the past 7 days, reaching a high of $0.418. At the time of writing, Sei is trading at $0.3917. Let's find out what is the reason for the coin's growth.
Sei crisis
Sei Network went mainnet on August 15, 2023. In its first two weeks, it has made impressive progress as a layer 1 blockchain network. Sei Network has surpassed such heavyweights as Ethereum and Solana, and Sei Network's transaction speed averaged 2,077 per second.
The bright start resulted in a dramatic rally of the native token. In the first days of the launch, $SEI soared to $0.2736, but almost immediately underwent a correction, falling by more than 50%. In addition, the price drop could also have been influenced by the criticism surrounding the token's airdrop, as users received an insufficient amount of SEI. They expressed their dissatisfaction on social media.
Another day another project exploited users by luring them with the promise of an airdrop only to end up giving them gas funds @SeiNetwork
— Mido (@Cryptomidoo) August 15, 2023
These teams are looking for ways to rewards as little as possible while using 'airdrop' to gain traction. #SeiScam pic.twitter.com/9ZR3SvWgew
To maintain the ecosystem, the development team immediately announced a number of updates.
Why Sei is growing?
One of the main reasons for Sei's growth has been the optimization of the Sei Network blockchain. Developers have improved every layer of their stack to provide infrastructure for trading applications of all types. The team now claims the network outperforms Layer 1 networks like Aptos and Solana. In fact, the new update has allowed Sei Network to scale more efficiently than the above networks. Sei V2 added support for EVM to attract more developers and SeiDB to optimize the platform's storage layer. The series of network updates also impacted the growth of the native token price, as Sei Network saw an influx of developers and traders.
Online activity is also growing. Last week, more than 40,000 new users joined the Sei Network in just two days. The inflow of new users further increased the token's market value and trading volume.
Sei forecast for 2024
Over the past 7 days, the price of Sei has jumped 89%, reaching a high of $0.418. The market is now dominated by bulls, but the Sei price risks facing a correction if holders decide to sell off their holdings. Last week, the token already faced pressure on the price as short-term traders decided to exit the trade early. Sei rolled back 13%. And at the time of writing, the value of the asset was $0.3917.
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Experts predict further growth of Sei further to $1 in 2024. One of the reasons may be the halving of Bitcoin. The growth of the main cryptocurrency amid positive changes can spur the growth of the entire crypto market as a whole. The growth of Sei in 2024 will also be influenced by the upcoming network updates.
