TL;DR

• SEI Token’s New High: SEI, the native token of Sei Network, reached a record price, boosting its market ranking.
• SEIYAN’s Contribution: The introduction and rapid value increase of SEIYAN, a related memecoin, may have influenced SEI’s performance.

SEI Reaches a New Peak

SEI – the native token of the Ethereum Virtual Machine (EVM) blockchain Sei Network – climbed today (January 2) to an all-time high price of almost $0.80 (per CoinGecko’s data). Its market capitalization exceeded $1.8 billion, positioning the digital asset as the 56th largest.

Besides its price rally, the total value locked (TVL) on Sei has also headed north. As of the moment, it stands at $5.6 million (according to DefiLlama), a 3,500% surge compared to the stats from August.

One factor that might have played a role in the uptrend is the rise of SEIYAN. Described as “the main brand coin of Sei Network,” its price tapped an ATH of $0.07 on January 2. SEIYAN saw the light of day at the end of December 2023, experiencing a 380% value increase in the past week.

The hype surrounding memecoins is not specific to SEI. During December, Solana saw tremendous trading volumes and activity, propelled mostly by the em