Sei SEI/USD is riding high this week, after the blockchain announced a V2 testnet upgrade during the week, and on-chain metrics support the strength.
What Happened: Over the past week, Sei surged 36.2%, bringing its gains to 11,620% since its inception in August 2023.
In a tweet on Feb. 11, Sei co-founder Jayendra Jog sparked excitement within the network with his comment, “Big things coming soon,” likely referring to the highly anticipated V2 testnet event in the Cosmos-based blockchain community.
Many X users and analysts, including Trader Fred, predicted that $1 is imminent. Pseudonymous crypto analyst Top Gainer Today also saw SEI reaching $1, following his call on Feb. 8. He now aims for a second target of $2.
Why It Matters: On Feb. 13, Sei launched a second iteration of its Devnet through a blog post, enabling developers to deploy code compatible with the Ethereum Virtual Machine (EVM) on the Sei blockchain.
This update is primarily for developers to experiment with deploying their applications.
Data from a Sei analytics dashboard shows 10.4 million weekly transactions as of Feb.14, taking the total transactions to 881.5 million.
Additionally, there are 8,000 new users, for a total of 964,000.
Sei is a proof-of-stake blockchain that’s built with the cosmos SDK.
What’s Next: The technical upgrade and positive on-chain activity signal bullish sentiment for the token’s performance amid the wider market rally.
While Bitcoin (+9%), Ethereum (+11%), and Solana (+4%) have also seen significant gains in the past week, other Layer-1 blockchains like Sei could rally further in a trending market.
Read Next: Critical Insights From SEI Inv Analyst Ratings: What You Need To Know
Image: Illustrated of MidJourney
Image and article originally from www.benzinga.com. Read the original article here.