SEI Surges 45% in Week Amid Wyoming Stablecoin Bid

Investors in the cryptocurrency market are always on the lookout for the next big mover, and currently, there is speculation about whether SEI could follow a similar path to Solana. Solana experienced a massive 64,161% gain since its ICO, although it has cooled down recently. In contrast, SEI has recently jumped 45% in one week, sparking discussions about its potential to be a Solana-like performer in this cycle.

This analysis comes from Matty on the Altcoin Buzz YouTube channel. He explained how SEI’s recent price performance and ecosystem growth are drawing strong parallels with Solana’s early days. According to Matty, SEI has bounced back impressively from its messy airdrop issues a couple of years ago. Many in the market had forgotten or written off the project, but SEI’s team seems to have learned from their past mistakes and is now delivering a wave of positive updates.

Matty pointed out that SEI’s comeback actually mirrors Solana’s own story. Just as Solana staged a massive recovery after facing its own challenges, SEI is now showing signs of a big turnaround. SEI has potential as a top RWA (real-world assets) chain, which is a sector that could see explosive growth in the years ahead. SEI’s similarities with Solana don’t end there. Both projects went through rough patches but came back stronger with aggressive growth and new momentum.

Matty said that if you’ve been watching SEI’s price action lately, you’d notice it has been performing very well. At the time of his video, SEI price was at just over $0.29, up nearly 10% on the day and around 35% higher than it was just a few days before.

One of the biggest catalysts behind SEI’s recent rally came from Wyoming. The state’s government, known for its crypto-friendly stance, announced plans to issue a fiat-backed stablecoin called WST. SEI emerged as one of the finalists for the platform to issue and manage this new stablecoin. Matty highlighted that while Wyoming has not made a final decision yet, SEI being in the running alone sent a strong signal to the market.

He emphasized that people should be cautious because the approval is not guaranteed, and other blockchains like Solana and APOS are also in contention. Still, the attention SEI is getting from Wyoming has increased its credibility and made it a serious player among real-world asset-focused chains. Even if Wyoming doesn’t select SEI, the exposure alone could attract others who want to launch stablecoins or CBDCs, as it shows SEI’s capability to handle institutional-grade projects.

Matty explained that beyond the Wyoming news, SEI’s ecosystem is growing fast. SEI has a total value locked (TVL) of $591 million, ranking it 16th among all blockchains. Yay Finance is leading with over $330 million, accounting for 60% of SEI’s TVL. Users can earn an annual percentage yield of about 9.53% by lending USDC there, which is competitive compared to many protocols but not so high that it raises red flags like some past failed projects.

He also pointed out that SEI’s ecosystem has exciting projects like Yaka Finance, which has over 8 million unique active wallets and is one of the fastest-growing EVM chains, only Base, backed by Coinbase, is growing faster right now. This growth shows SEI isn’t just betting on hype; it’s creating tools that both crypto users and traditional finance (TradFi) institutions need, including stablecoins, yield aggregators, derivatives, and liquid staking.

When it comes to the potential SEI price outlook, Matty was cautious. He said SEI probably won’t repeat Solana’s 20x move from $14 to $259 last cycle, as that would put SEI’s market cap at $32 billion, placing it among the top eight cryptos, which seems unlikely. But he believes a 3x to 5x move could happen if certain conditions align, such as RWA growing into the trillions, SEI breaking its previous all-time high of $1.14, or SEI securing stablecoin or CBDC deals. He added that any favorable changes in US regulations could further boost SEI’s prospects.

Matty concluded by saying that while SEI may not match Solana’s jaw-dropping gains exactly, the groundwork is there for a strong run if things fall into place. He thinks SEI’s quiet building phase over the last two years is starting to pay off, and that now could be a good time to keep an eye on the SEI price. Whether you believe in its future or not, SEI is proving itself as a serious contender for investors looking for the next big crypto play.