SEI Volume Surpasses $1 Billion in 24 Hours: Koreans ‘Hoard’ Token

Lavina Daryanani
Source: CoinMarketCap

Sei Labs revealed that the blockchain’s mainnet went live after a successful testnet phase that featured 7.5 million unique wallets, and over 400 million transactions. Parallelly, the network’s native token, SEI also got listed on exchanges including Binance, Kraken, and Huobi. The project’s blockchain has been specifically designed for seamless trading and the efficient exchange of crypto assets. The aggregate trade volume of the SEI token was greater than $1 billion in the daily timeframe.

Chinese Journalist Colin Wu brought to light that around half of the SEI, trades took place on Korea’s Upbit exchange, featuring the SEI/KRW pair. The SEI/USDT pair on Binance, on the other hand, contributed 21.89% to the total share.

Wu pointed out that SEI’s price on Upbit once had a difference of more than 100% when compared to the price on other exchanges. However, it soon bridged the gap. Owing to the ‘Kimchi’ premium effect, the asset’s valuation on Upbit stood at $0.528 at one point. Contrarily, on Binance, SEI was seen exchanging hands at $0.232585.

Also Read: 19 SEC-Flagged Crypto Tokens Witness Trade Volume Spike

Upbit’s Rise in Dominance

Upbit has been faring better than its competitors of late. A recent research report by CCData pointed out that this Korean exchange surpassed other top exchanges like Coinbase and OKX in terms of trading volume in July 2023. To contextualize, Coinbase and OKX saw their trading volumes drop in July by 11.6% to $28.6 billion and 5.8% to $29 billion, respectively. Upbit, contrastingly, registered a 42.3% increase in trading volume to $29.8 billion, helping it claim the second position, after Binance.

In fact, South Koreans have been quite actively trading crypto assets lately. As reported in an article recently, they have been buying assets like XRP collectively. They have also been paying a premium to acquire ETH. Given the current state of affairs, it can be contended that Koreans now have another favorite token, SEI. Consequently, exchanges like Upbit are helping investors acquire it.

Also Read: Ethereum ‘Realized’ Price Touches $1700: Time to Buy ETH?