As the Sei ($SEI) pump continues at the start of 2024, investors are increasingly asking whether they may have missed their opportunity to buy the cryptocurrency. SEI/USD was last changing hands at around $0.75, up a further 6% on Tuesday and taking gains since the turn of the year to more than 34%. The cryptocurrency has rallied a stunning 700% from its October 2023 lows under $0.10 per token. $SEI is the native token of the much-hyped trading-focused layer-1 Sei blockchain, which only launched last August.
Driving Factors for SEI Pump
Its pump comes amid a multi-month uptick in risk appetite across crypto markets on optimism about near-term spot Bitcoin ETF approvals in the US and hopes for financial easing (i.e. Fed rate cuts) in 2024. Bitcoin (BTC) has performed well and just hit fresh 21-month highs above $45,000, but investors have been hunting higher returns by looking further up the crypto risk curve, and have been piling into the cryptocurrencies of high potential layer-1 Ethereum rivals such as Solana (SOL), Avalanche (AVAX), and Sei.
Potential Upside for SEI Investors
Investors who are looking to jump in and bag some $SEI have missed more than 7x gains from the October lows. But given Sei’s still modest market capitalization of only around $1.7 billion, the cryptocurrency could still offer plenty of potential upside, meaning it probably isn’t too late to buy Sei. Imagine that Sei does experience significant adoption as developers build out Sei-based trading protocols to fulfill the blockchain’s use case, and that the broader crypto bull market continues to heat up. Sei could easily see its market cap grow to more than $10 billion, meaning the potential for further more than 5x gains from here. And if it is to become a serious contender of blockchains like Solana, which has a market cap of around $47 billion, we could be looking at gains in the region of 25x for $SEI.
Whilst Sei has seen plenty of hype, investors looking to bag gains in the region of 100x have probably missed their opportunity. Investors looking to bag 100x gains might instead want to check out a high-risk/high-reward crypto investment strategy that has been growing in popularity in recent years – investing in token presales. Cryptonews.com spends a lot of time analyzing which presales have potential, and one such project that they are big fans of is an exciting new project called Meme Kombat. Meme Kombat blends together the world of crypto gaming and gambling with its exciting platform where users are able to bet on the outcomes of exciting battles between characters based on some of the crypto world’s most popular meme coins. Early $MK investors can also benefit from generous staking rewards, which are currently more than 100% annually. The project has already raised close to $5.75 million, despite launching just weeks ago. Visit Meme Kombat Here
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
