SEI token skyrockets 91% in 7 days amid Circle investment

SEI, the layer-1 blockchain, witnessed a remarkable 91% surge in seven days, following a strategic investment from Circle.

Data from CoinMarketCap shows SEI has now surged 91.13% to $0.20. At the time of writing, the token also reported an increase of 14.79% in the previous 24-hour period.

Sei was launched by the ex-Robinhood engineer as the first sector-specific layer-1 blockchain specialized for trading. On Nov. 15, the company announced a strategic investment from Circle, the issuer of USD Coin, alongside the bridged integration of the stablecoin onto its blockchain. 

With USDC being the second most widely used dollar-pegged stablecoin, the link between greater stability and liquidity for Sei becomes clear. It is one of the reasons for price gains for the token, which the community continues to see over a week after the announcement.

At the time of writing, several other tokens have also reported double-digit growth today, including Goldfinch with reported 50% gains. Gas, Klaytn, and Uniswap are also cracking CoinMarketCap’s list of top gainers.

This contrasts with Nov. 22 news that the altcoin market was seeing a downturn following news around the Binance settlement.