The new year brings a lot of hype about the SEIYAN meme coin on Sei Network.
The SEI Network’s eponymous token has grown 43% in the past week and now has a market capitalization of $1.6 billion. But this is nothing compared to the price action of the SEIYAN meme coin, named after a Dragon Ball-inspired term that SEI token holders have given themselves.
https://twitter.com/HolanderAdam/status/1742239335208960269
Now also Sayiyains NFT Collection It’s full of spiky heads, powered-up pixelated images. There is no word yet on whether Akira Toriyama or other intellectual property rights holders of Dragon Ball have been contacted.
The team running the Seiyans NFT X account did not immediately respond to a request for comment. decryption.
This morning it was revealed that the SEIYAN token has increased by 214% in the past week. But as of Tuesday afternoon, it was up 99% over the past seven days. The SEIYAN meme coin was minted just a week ago, on December 27th. As of this writing, it is trading at $0.04993842, according to CoinGecko, down 20% from yesterday’s price.
Nonetheless, according to Gecko Terminal, the SEI and SEIYAN trading pair achieved more volume ($6.5 million) than any other exchange on the network.
When the SEI Network launched in August 2023, SEI token trading volume exceeded $1 billion in one day. This was enough to generate more trading volume than Bitcoin and Ethereum at the time. The layer 1 blockchain built on the Cosmos ecosystem is rated as the fastest ever.
However, there was a lot of controversy surrounding the network’s SEI token airdrop. Developers building the Sei testnet believed they would receive airdrop tokens when the mainnet launched on August 15th, and complained when the mainnet was delayed. The hashtag “#seiscam” started trending on X (formerly Twitter) as users complained.
The network has raised a total of $35 million over two rounds, with a recent closing date of April 2023. Investors include Jump Crypto and Multicoin Capital, both of which are also heavily invested in layer 1 competitor Solana.
Sei Network has had similar launches to its competitors Aptos and Sui. Aptos had an eye-watering $1 billion valuation ahead of its October 2022 launch, but questions about token economics derailed the launch. Aptos’ competitor Sui, which was intended to be a ‘Solana killer’ in its own right, launched its mainnet in May 2023.
Despite all the hype, no network has ever performed as well as Solana (a blockchain that will become obsolete in their marketing).
Edited by Guillermo Jimenez.
