SEI Token Surges 42% Amid ETF Buzz
SEI is having one of those days. The token shot up over 42% in the past 24 hours, pushing its market cap from $1.08 billion to $1.54 billion at its peak. It didn’t quite hold there—settling into a tighter range between $0.277 and $0.285—but still, that’s a wild swing by any measure.
So what’s driving it? Mostly, it seems to be chatter about an ETF filing from Canary Capital. The proposal was quietly submitted back in May, but it’s only now getting serious attention. If approved, it’d be a big deal—one of the first smaller Layer 1 tokens to break into the ETF space. Not exactly mainstream yet, but closer than most.
Why This ETF Matters
The Sei Network team hasn’t been shy about the potential here. They’ve pointed out that an ETF could kickstart demand and maybe even speed up real-world use of the token. It’s speculative, sure, but the market’s reacting like there’s real weight behind it.
Over the past week, SEI is up nearly 70%, making it one of the best performers in its category. And unlike some rallies that fizzle out fast, this one’s got volume behind it—actual buying, not just a few big trades propping things up. The RSI isn’t flashing overbought yet, either, which suggests there might still be room to run.
On-Chain Activity Tells a Story
There’s more to it than just price action, though. According to DappRadar, Sei’s blockchain now ranks #2 among EVM-compatible networks by active addresses, with over 8.1 million unique wallets. That’s a huge number, especially for a chain that wasn’t on many radars a year ago.
Retail interest seems to be growing, and developers are paying attention too. Whether that’s because of the ETF talk or just general momentum is hard to say. Probably a bit of both.
For now, the price is hovering near daily highs, looking like it’s coiled for another move. All eyes are on regulators—if that ETF gets approved, it could change the game entirely. Not just for SEI, but for other smaller tokens waiting in the wings.
Then again, “if” is doing a lot of work there. Crypto’s full of big hopes that don’t pan out. But today, at least, SEI’s got the wind at its back.
