New Year, SEIYAN Coin Hype meme on Sei Network.
The SEI Network's eponymous token has seen a 43% increase in the past week and currently has a market cap of $1.6 billion. But that's nothing compared to the price action on the SEIYAN meme coin, named after the Dragon Ball-inspired term that holders of SEI tokens have given themselves.
https://twitter.com/HollanderAdam/status/1742239335208960269
There is now also a Seiyans NFT Collection Filled with pictures of spiked, enhanced, and pixelated hair. There's no information yet on whether Akira Toriyama or any of the other Dragon Ball intellectual property owners have reached out to him.
The team running the Seiyans NFT X account did not immediately respond to a request for comment from it Decryption.
Earlier today, the SEIYAN token appeared to have surged 214% in the past week. But by Tuesday afternoon, it was up 99% over the past seven days. Keep in mind that the SEIYAN meme coin was minted just a week ago on December 27th. At the time of writing, it is trading at $0.04993842 according to CoinGecko – down 20% from its price yesterday.
However, the SEI and SEIYAN trading pair generated more volume — $6.5 million — than any other trading pair on the network, according to Gecko Terminal.
When the SEI Network launched in August 2023, SEI token trading exceeded $1 billion in a single day — almost enough to generate a volume greater than Bitcoin and Ethereum at the time. The first layer Blockchain technology, built on the Cosmos ecosystem, has been described as the fastest ever.
But there has been a lot of controversy surrounding the airdrop of the network's SEI tokens. Developers who were building on the Sei testnet thought they would get airdropped tokens when the mainnet went live on August 15 and were disgruntled when it was delayed. The hashtag “#seiscam” began trending on X (formerly Twitter) with users filing complaints about it.
The network has raised a total of $35 million across two rounds, with the last closing in April 2023. Its investors include Jump Crypto and Multicoin Capital — two firms that are also heavily invested in tier-1 competitor Solana.
Sei Network had a similar launch to that of its competitors, Aptos and Sui. Aptos, which reached a staggering $1 billion valuation before its October 2022 launch, but its launch was marred by questions about its premium economics. Sui, the Aptos competitor that was supposed to be the “Solana killer,” launched its mainnet in May 2023.
Despite all the hype, neither network performed anywhere near as well as Solana, with blockchain marketing saying they would make it obsolete.
Edited by Guillermo Jimenez.
