What's Driving SEI Prices as Token Soars 50% in a Week

Sei’s native token, $SEI

“We think $SEI just delivered one of the cleanest multi-factor rallies we’ve seen this year — up 45% intraday on 4x average volume. And there were three solid drivers behind it,” analysts at B2BINPAY told CoinDesk in an email.

“Wyoming named $SEI as the settlement layer for its dollar pilot, giving it institutional credibility. Then came the v2 airdrop snapshot and a 9% staking APY bump from core validators,” they added.

The Wyoming Stable Token Commission last week shortlisted Aptos and Sei for its stablecoin pilot program, giving Sei a 30 point score based on metrics such as transactions per second, fees and transaction finality.

WYST is Wyoming’s proposed state-backed stablecoin, pegged to the U.S. dollar and developed in collaboration with LayerZero, a cross-chain crypto protocol.

The 50% weekly rally shows savvy capital flow. On-chain flows into centralized crypto exchanges (CEX) reached over $3 million while perpetual swap open interest increased by only 9% and funding remained steady — suggesting organic, spot-led buying.

DeFiLlama data shows the total value locked (TVL) on Sei topped $540 million, having risen steadily since January, with Sei-based decentralized exchange (DEX) volumes crossing $60 million for the first time on Wednesday.

(DefiLlama)

The question is whether the capital will stay. B2BinPay warned that if funding rates climb above +0.05% or open interest outpaces spot, it could be a sign of leverage is creeping in — a point where bullish bets may be deemed overextended.

However, with fundamentals aligning and on-chain flows remaining clean, the momentum could easily extend into July, the firm concluded.