SEI Token Surges 42% Amid ETF Buzz
SEI is on a tear. Over the past day, the token shot up more than 40%, pushing its market cap from just over $1 billion to $1.54 billion at one point. It’s pulled back slightly since then, hovering between $0.27 and $0.28, but the move has still caught a lot of attention.
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 starting to get talked about more widely. If it gets approved—and that’s a big *if*—it could open the door for institutional money to flow into SEI, something that’s still pretty rare for smaller Layer 1 tokens.
Why This Matters
The Sei Network team hasn’t been shy about the potential impact. They’ve pointed out that an ETF could seriously boost demand for the token and speed up real-world use. Whether that actually happens is another question, but the market’s clearly betting on it for now.
Over the past week, SEI is up nearly 70%, making it one of the best-performing Layer 1 assets. That’s while most other altcoins have been stuck in the same range for weeks. The RSI suggests there’s still some momentum left, and trading volume backs that up—this isn’t just a few big trades pushing the price around.
On-Chain Activity Tells a Story
There’s more to it than just price action, though. According to DappRadar, Sei has jumped to #2 among EVM-compatible chains by active addresses, with over 8 million unique wallets now on the network. That’s a huge number, especially for a chain that wasn’t even on most people’s radar a year ago.
It’s not just speculation driving growth, either. Developers are building on Sei, and actual users seem to be sticking around. That’s a good sign, even if the ETF hype is what’s really fueling this latest spike.
Right now, SEI is consolidating near its highs, and everyone’s watching to see what happens next. If the ETF gets approved, it could change the game—not just for SEI, but for other smaller tokens hoping to break into traditional finance. But regulatory approval is never a sure thing, so for now, traders seem to be riding the momentum while it lasts.
Either way, it’s one of the more interesting stories in crypto this week. And with the way things are going, it might not be over yet.
