Sei price has been in a freefall this month and has crashed to its lowest level since April 18. It was trading at $0.1683 on Tuesday, down by over 38% from its highest point in May.
This article explores Sei’s strong fundamentals and why it may surge soon. It also highlights Bitcoin Pepe (BPEP), one of the next big things in the crypto industry.
Sei Network is Firing on all Cylinders
Third-party data shows that the Sei Network is growing rapidly even as its token crash intensifies.
DappRadar data shows that it has become the second-biggest gaming chain in the crypto industry in terms of unique active wallets. It had over 2.37 million users in the last 30 days, lower than BSC’s 3.51 million. It is a larger gaming chain than other popular networks, such as Skale, WAX, Ronin, and Immutable.
Another data point by Artemis shows that Sei’s daily active addresses jumped by over 52% in the last 30 days to over 509,800. This number means that more users are interacting with Sei and its network.
Further, Sei’s total value locked (TVL) in the DeFi industry has just crossed the $500 million mark, and the figure is growing. The DeFi figure jumped to a record high in $SEI terms.
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Sei’s stablecoin supply has been in a strong uptrend. It now has over $212 million in stablecoins in its network, which is continuing to accelerate. In contrast, Cardano has less than $30 million in stablecoins.
Decentralized Exchange (DEX) networks in Sei have continued to see more activity. They handled over $482 million worth of transactions in the last 30 days, much higher than Cardano’s $104 million.
Sei Price Technical Analysis
The eight-hour chart shows that the Sei token price has been in a downtrend in the past few weeks. It has formed a series of lower lows and lower highs, and is now at the lower side of this channel.
Sei price has retreated below the 50-period and 25-period Exponential Moving Averages (EMA). Most notably, there are signs that it wants to form a double-bottom pattern, with its lower side at $0.1300 and its upper side at $0.2745.
Therefore, the most likely scenario is that the Sei coin price will continue to fall to the double-bottom point at $0.1300, down 22.8% from the current level. It will then bounce back as bulls target the neckline at $0.2745.
Sei price chart | Source: TradingView
Bitcoin Pepe Gains Traction Ahead of BitMart Listing
Meanwhile, crypto investors are turning to Bitcoin Pepe, an upcoming project that seeks to disrupt the meme coin industry.
Data on its website shows that BPEP has now raised $14.95 million, a figure that accelerated this week. This growth accelerated significantly after the developers announced that it would be listed on BitMart and Uniswap. They will then release the next tier-1 exchange that will list it on June 30th.
Bitcoin Pepe has gained a lot of traction recently due to its innovative concept of disrupting the meme coin sector. It will achieve this by creating a layer-2 network on top of Bitcoin.
A layer-2 is a blockchain network that accelerates an existing blockchain. A good example of this is Base, which supercharges Ethereum’s network. In Bitcoin Pepe’s case, the goal is to focus on Bitcoin.
Its goal is to make Bitcoin a viable alternative to Solana, which has become popular among meme coin creators, such that its meme coins have a market capitalization of over $10 billion. Hurry up and buy Bitcoin Pepe here.
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