Is It Too Late to Buy Sei? SEI Price Rallies 35% as New Meme Coin Approaches Launch – Time to Buy?
As the Sei ($SEI) pump continues at the start of 2024, investors are increasingly asking whether they may have missed their opportunity to buy the cryptocurrency.
SEI/USD was last changing hands at around $0.75, up a further 6% on Tuesday and taking gains since the turn of the year to more than 34%.
The cryptocurrency has rallied a stunning 700% from its October 2023 lows under $0.10 per token.
$SEI is the native token of the much-hyped trading-focused layer-1 Sei blockchain, which only launched last August.
Its pump comes amid a multi-month uptick in risk appetite across crypto markets on 1) optimism about near-term spot Bitcoin ETF approvals in the US, 2) hopes for financial easing (i.e. Fed rate cuts) in 2024.
Bitcoin (BTC) has performed well and just hit fresh 21-month highs above $45,000, but investors have been hunting higher returns by looking further up the crypto risk curve, and have been piling into the cryptocurrencies of high potential layer-1 Ethereum rivals such as Solana (SOL), Avalanche (AVAX) and Sei.
Investors who are looking to jump in and bag some $SEI have missed more than 7x gains from the October lows.
But given Sei’s still modest market capitalization of only around $1.7 billion, the cryptocurrency could still offer plenty of potential upside, meaning it probably isn’t too late to buy Sei.
Imagine that Sei does experience significant adoption as developers build out Sei-based trading protocols to fulfil the blockchains use case, and that the broader crypto bull market continues to heat up.
Sei could easily see its market cap grow to more than $10 billion, meaning the potential for further more than 5x gains from here.
And if it is to become a serious contender of blockchains like Solana, which has a market
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