Crypto

SEI Price Surges by 65%: How High Will the SEI Price Go in 2024?

Published

1 year ago

January 1, 2024

SEI Price Surges by 65%: How High Will the SEI Price Go in 2024?

Sei’s SEI coin, operating on layer 1 blockchain technology, attained its highest value in late December 2023. Launched in August of the same year, the cryptocurrency achieved an open interest exceeding $160 million in the derivatives market. This milestone followed the platform’s announcement of its commitment to becoming carbon neutral. This article is all about SEI Price prediction 2024 and how high will SEI price go in 2024? Let’s take a look at this in more detail.

What is SEI?

The Sei project stands out as a sector-specific layer 1 blockchain designed specifically for trading purposes. Setting itself apart, Sei introduces innovative techniques for transaction ordering, block processing, and parallelization tailored for exchanges. Additionally, the Sei project provides a highly optimized order placement and matching engine seamlessly integrated into the blockchain.

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How has the SEI Price moved in recent days?

As of now, the Sei price stands at $ 0.650384, accompanied by a 24-hour trading volume of $ 960.68 million. The market capitalization of Sei is $ 1.50 billion, contributing to a market dominance of 0.09%. Over the past 24 hours, the SEI price has witnessed an 11.56% increase. In the last seven days the SEI price has increased by more than 65%.

On January 1, 2024, Sei achieved its peak price, reaching an all-time high of $ 0.651399. The lowest recorded price for Sei is currently unavailable, marked as n/a, with an all-time low of $ 0.00. Following its all-time high, the lowest price experienced since then was $ 0.634931 (cycle low), while the highest was $ 0.639093 (cycle high). Presently, the sentiment for Sei’s price prediction is bullish, and the Fear & Greed Index indicates a reading of 65 (Greed).

Sei’s circulating supply currently amounts to 2.30 billion SEI out of a maximum supply of 10.00 billion SEI. Within the Proof-of-Stake Coins sector, Sei holds the 12th position, and in the Layer 1 sector, it is ranked 30th.

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Why is SEI Price Up?

The surge in investor interest in SEI can be attributed to several key factors in recent times. The Sei Network reaching a milestone of over 1 billion transactions is a significant indicator of growing real-world adoption. For instance,

Atlantic-2 Testnet: Sei created a testing environment called Atlantic-2 to simulate and evaluate its blockchain network before deploying major updates or changes to ensure they work smoothly.
Strategic Raise: Sei secured additional funds through strategic fundraising, likely from investors or partnerships, to support its development and growth initiatives.
Pacific-1 Mainnet beta: Sei launched the beta version of its Pacific-1 Mainnet, indicating progress toward the full release of its main blockchain network for users and developers.
Fastest Chain at 390ms ttf: Sei achieved a notable technical milestone by reducing its time-to-finality (ttf) to an impressive 390 milliseconds, making it one of the fastest blockchain networks in terms of transaction confirmation.
1.1 Billion Transactions, zero downtime: Sei processed an extraordinary 1.1 billion transactions on its blockchain, showcasing its scalability and reliability with zero instances of system downtime.
Parallelized the EVM internally: Sei implemented internal parallelization of the Ethereum Virtual Machine (EVM), a crucial component for executing smart contracts, which can enhance the efficiency and speed of decentralized applications on the Sei blockchain.

Furthermore, strategic partnerships with entities such as Kryptonite and Gecko Terminal underscore Sei’s expanding ecosystem. Simultaneously, planned upgrades like EVM compatibility enhance Sei’s attractiveness for decentralized app developers.

Comparisons drawn with networks like Solana have heightened expectations of SEI attaining higher valuations as its adoption continues to increase. The endorsement from major venture firms, including Multicoin Capital, adds credibility to Sei’s position as a promising Layer 1 contender.

When coupled with positive technical indicators, these favorable conditions have contributed to the recent upward movement in SEI’s price.

How high will the SEI Price Go in 2024?

Over the past 30 days, SEI has demonstrated remarkable strength in its price performance, recording an impressive 17 green days, accounting for 57% of the observed period. This consistent positive trend suggests a robust and sustained demand for SEI in the market.

Trading in proximity to its all-time high indicates a strong bullish sentiment among investors, with the potential for further upward movements. The fact that SEI maintains such a position near its peak suggests sustained buying interest and confidence in the cryptocurrency.

Moreover, SEI’s high liquidity, as indicated by its substantial market capitalization, positions it as a favorable choice for traders and investors alike.

This combination of positive price action, proximity to the all-time high, and high liquidity levels bodes well for SEI’s future trajectory, potentially paving the way for continued growth and positive market sentiment.

The revelation that less than 23% of the total supply of SEI is currently in circulation adds an intriguing layer to the cryptocurrency’s dynamics. This relatively low percentage in circulation implies a considerable portion of SEI tokens is held, perhaps for long-term investment or strategic purposes.

Such a distribution pattern can have implications for market liquidity and price volatility. With a substantial portion of the total supply held outside active trading, the potential impact of new market developments or increased demand could be amplified.

It also raises questions about the intentions of token holders and their role in shaping the future trajectory of SEI. As investors navigate the crypto landscape, this aspect of supply distribution becomes a crucial factor to monitor, influencing market dynamics and the token’s responsiveness to external factors.

The recent surge in SEI’s price has undoubtedly sparked excitement, yet the sustainability of this upward momentum hinges on the project’s ability to secure long-term adoption and make substantial progress in its development. The successful delivery of planned upgrades, especially those involving EVM compatibility and cross-chain interoperability, holds the potential to broaden the scope of use cases and attract a larger user base.

The validation of SEI’s value proposition would come through the onboarding of new decentralized applications (dApps) and users, while strategic integrations and partnerships would play a pivotal role in establishing network effects for this emerging Layer 1 blockchain. Ultimately, real-world adoption of SEI needs to align with its fundamental utility to justify positive price action over time.

Despite short-term market dynamics influenced by technical indicators, SEI’s enduring success rests on its evolution as a smart contract platform. Achieving milestones in performance, scalability, and overall functionality would solidify SEI’s standing as an attractive blockchain option for developers and users alike.

However, inherent risks accompany the execution of these ambitious plans. The Sei team must navigate challenges to deliver on promises and differentiate itself from competitors in the evolving blockchain landscape.

If successful, the realization of roadmap goals may support a bullish long-term outlook for SEI, emphasizing the importance of both fundamentals and execution in shaping the cryptocurrency’s trajectory. In contrast to other cryptocurrencies that rely heavily on marketing and community sentiment, SEI’s emphasis on practical advancements and real-world application sets it apart in the crypto space.

Considering the factors mentioned earlier, including the recent price surge, the potential for long-term adoption, and the successful execution of planned upgrades, a plausible trading range for SEI could be projected between $ 0.588659 and $ 0.809823. If SEI manages to reach the upper end of this range, it would signify an increase of approximately 23.40%, bringing the price to $ 0.809831.

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Donald Trump Embraces Meme Coins—A Presidential First

Published

6 hours ago

January 12, 2025

Press Room

Donald Trump Embraces Meme Coins—A Presidential First

Donald Trump is making news once more, but this time it’s not for political reasons; it’s about cryptocurrency. As he prepares to return as the 47th President of the United States, Trump will become the first sitting president to own meme currencies, a decision that has stirred both enthusiasm and skepticism in the crypto community.

Trump: A Significant Crypto Portfolio

Recent sources claim that Trump’s crypto wallet consists largely of meme coins and is valued roughly $8 million. Among the assets are $1.5 million in a meme currency with Trump-themed design and $5.5 million in TROG tokens.

In addition, he has about 1.3 billion GUA coins, which amounts to nearly $400,000, and $167,000 in TRUMPIUS tokens. This is a first of its kind, where Trump becomes an oddity in the world of politics and cryptocurrency, considering his earlier reluctance towards digital assets.

DONALD J. TRUMP WILL BE THE FIRST SITTING US PRESIDENT TO HOLD MEMECOINS pic.twitter.com/ODlNXDaKIT
— Arkham (@arkham) January 10, 2025

From Skepticism To Support

Trump’s journey into the crypto world is notable. He had been a strong critic of Bitcoin and other cryptocurrencies, calling them scams. But that all changed in 2024 when he started publicly endorsing Bitcoin and speaking out for the right to own it. That’s a broader trend among politicians, who are increasingly recognizing the potential of cryptocurrencies and their growing popularity among voters.

Trump’s financial success in the digital sphere was also aided by his venture into non-fungible tokens (NFTs) on Ethereum. Trump reportedly made a good living from these endeavors, and he currently owns roughly 496.77 ETH, which is worth about $1.6 million.

BTC is currently trading at $94,144. Chart: TradingView

Implications For Regulation

Many people are eager to see how Trump’s administration will regulate cryptocurrencies now that he is back in office. A possible change toward a more advantageous regulatory climate for digital assets is hinted at by the nomination of important individuals like David Sacks as “Crypto Czar” and Paul Atkins as SEC chair. This could result in more precise rules for investors and businesses involved in the cryptocurrency industry.

Trump

Donald Trump. Image: Ronda Churchill/Reuters

The policies by Trump are already changing market dynamics as everybody is anxiously awaiting them. During this time when Bitcoin hit a record high of $108k, while meme coins surged, analysts still feel that Trump could make the year 2025 a major turning point in cryptocurrencies.

Meme Coin Boom

The rise of Trump-owned meme coins is indicative of a broader cultural shift among younger investors who are fed up with established financial institutions. This combination of the political influence of Trump and the speculative nature of meme coins puts a scenario under which political events could significantly affect cryptocurrency markets. Thus, while the investors go about this, they are not ignorant of the volatility that is usually associated with meme coins.

Featured image from Fortanix, chart from TradingView

Crypto

Scammers steal $2 million in cryptocurrency from remote work seekers in New York, Florida

Published

14 hours ago

January 11, 2025

Press Room

Scammers steal million in cryptocurrency from remote work seekers in New York, Florida

Scammers stole millions of dollars in cryptocurrency from remote job seekers in an elaborate scheme. New York Attorney General Letitia James has filed a lawsuit to recover over $2 million that she said was stolen from New Yorkers and others nationwide.

Scammers used unsolicited text messages to lure victims with promises of flexible, well-paying remote work opportunities. They claimed the job involved reviewing products online to generate market data. However, victims were told to open cryptocurrency accounts and maintain balances matching the price of products they were reviewing.

While victims believed they would receive their investments plus commissions, the funds were instead transferred into the scammers’ crypto wallets. The fake product reviews took place on a fraudulent website created as part of the scheme.

The lawsuit details seven people who were scammed. One victim, a New Yorker, lost over $100,000 while another victim from Florida lost over $300,000. These cases show the significant financial and emotional impact on the victims.

James’ office, working with Queens District Attorney Melinda Katz and her cryptocurrency unit, traced the stolen funds to specific digital wallets. Over $2 million in cryptocurrency has been frozen, ensuring it can be returned to victims.

“Deceiving individuals seeking remote work is cruel and unacceptable,” said James. “We’re committed to holding scammers accountable and recovering stolen funds.”

Published By:

indiatodayglobal

Published On:

Jan 12, 2025

Crypto

Illegal Cryptocurrency Mixers Targeted: Operators Charged with Money Laundering – Regtechtimes

Published

24 hours ago

January 11, 2025

Press Room

Illegal Cryptocurrency Mixers Targeted: Operators Charged with Money Laundering – Regtechtimes

A federal grand jury in Georgia recently indicted three Russian nationals for their involvement in running illegal cryptocurrency mixer services that helped criminals launder money. The indictment, announced on January 7, 2025, involves Roman Vitalyevich Ostapenko, Alexander Evgenievich Oleynik, and Anton Vyachslavovich Tarasov. These individuals are accused of operating two online services called Blender.io and Sinbad.io, which helped criminals hide the source of their illegal funds.

A cryptocurrency mixer is a tool used to mix cryptocurrencies like Bitcoin, making it harder for authorities to trace the origin of digital money. These services are attractive to criminals involved in activities such as ransomware attacks and fraud, as they allow them to send funds anonymously.

Ostapenko and Oleynik were arrested in December 2024, while Tarasov is still on the run. The three men face serious charges related to money laundering and operating unlicensed financial businesses. If convicted, they could face up to 20 years in prison for laundering money and up to five years for running an unlicensed business. The indictment follows the earlier shutdown of the Sinbad.io service after it was seized by law enforcement in 2023.

The Role of Blender.io and Sinbad.io

Blender.io and Sinbad.io were both cryptocurrency mixers, meaning they offered a way to send digital money anonymously. For a fee, these services allowed criminals to send their funds without revealing where the money came from. This feature made these mixers attractive to those who wanted to hide stolen funds or profits from illegal activities, such as ransomware attacks, fraud, and even theft of virtual currencies.

Extradited for Fraud: Do Kwon Faces Justice After $40B Crypto Crash

Blender.io operated from 2018 to 2022 and was known for its promise of anonymity. It advertised a “No Logs Policy,” meaning it claimed to have no records of transactions. The site also reassured users that no personal details were needed to use the service. This allowed criminals to send and receive Bitcoin without leaving a trace of their identity.

After Blender.io was shut down in 2022, the defendants launched Sinbad.io, which offered similar services. This service continued until law enforcement authorities took it down in November 2023, marking a significant victory in the fight against cybercrime. The shutdowns of both services were the result of coordinated efforts by authorities from several countries, including the U.S., the Netherlands, Finland, and Australia.

Both Blender.io and Sinbad.io were not only used by ordinary criminals but were also linked to state-sponsored hacking groups. For instance, Blender.io was used by North Korean hackers to launder funds stolen through cyberattacks. Similarly, Sinbad.io had connections to cybercriminals who targeted businesses and individuals. These cryptocurrency mixers served as a vital tool in helping these criminals profit from their illegal activities, making it harder for authorities to trace the stolen money back to its original source.

Crypto-currency Scam Wipes Out $425,000 from Ohio Man’s Retirement Fund

International Cooperation in Combating Cybercrime

The investigation into Blender.io and Sinbad.io showcases the power of international cooperation in tackling cybercrime. The indictment was made possible by the joint efforts of law enforcement agencies from different countries, including the U.S. Department of Justice, the FBI, the Netherlands’ Financial Intelligence Service, and Finland’s National Bureau of Investigation. Their collaboration helped track down the operators of these illegal services and ultimately led to their takedown.

In addition to the U.S. authorities, international agencies like the Australian Federal Police and Finland’s National Bureau of Investigation played key roles in the investigation. Their contributions were essential in identifying the people responsible for running these cryptocurrency mixers and disrupting their illegal activities.

The importance of international cooperation cannot be overstated. Cybercrime often crosses national borders, and without the efforts of multiple countries working together, it would be much harder to stop these crimes. The arrests of Ostapenko and Oleynik, along with the ongoing search for Tarasov, send a strong message to cybercriminals around the world: law enforcement agencies are committed to identifying and holding accountable those who operate illicit financial networks.

This case highlights how dangerous these cryptocurrency mixers can be in enabling serious criminal activities. By breaking down these networks, authorities are making it harder for criminals to profit from their wrongdoing, while also protecting public safety and national security.

To read the original order please visit DOJ website