Sei Altcoin Skyrockets 47% After Wyoming Stablecoin Endorsement—Here’s Why Traders Are FOMOing
Wyoming just became the crypto industry's favorite state—and Sei's price is reaping the rewards. The altcoin surged 47% in 24 hours after regulators greenlit its stablecoin framework, proving once again that politicians move markets faster than fundamentals.
Why Sei? Because Wyoming's nod signals institutional credibility—the holy grail for any blockchain project fighting for survival in the bear market trenches. Suddenly, every degen with a Binance account wants a piece.
But let's be real: This pump smells like the classic 'buy the rumor, sell the news' play. Remember when Wyoming 'adopted' Bitcoin as legal tender? Yeah—price spiked, then bled out slower than a Mt. Gox creditor's hope. Proceed with caution, bulls.
Will Sei's run last?
Analysts told Decrypt that aside from the impact of the show of faith from Wyoming, SEI has displayed impressive gains to its underlying ecosystem in recent weeks.
Illia Otychenko, Lead Analyst at exchange CEX.IO, told Decrypt that “over the past two months, SEI has also shown strong on-chain growth, with daily active addresses up 180% and daily transactions rising by 20%.”
He added that, “This momentum could help SEI support some of the recent price gains.”
The project’s Total Value Locked (TVL) now stands at $542.17 million as per DeFiLlama, up around 200% since the start of March this year.
Rajiv Sawhney, Head of International Portfolio Management at Wave Digital Assets International, highlighted that asset manager Canary Capital filed for SEI ETF in May, which would make it much easier for institutional investors to get exposure. Sawhney feels investors could be speculating on the altcoin based on the possibility of a potential approval from the SEC.
