- SEIYAN, created by the SEI community, has surged 237% in the past week and 196% in the past 24 hours.
- Seiyan could potentially follow in the footsteps of Bonk on the Solana network
- SEIYAN boasts a total supply of 1 billion tokens, with 60% allocated to the initial liquidity pool and 15% to the community.
- Compared to other memecoins, SEIYAN’s lower circulating supply and relatively reasonable price could fuel further explosive growth in the coming months.
- SEIYAN’s rise coincides with SEI’s impressive run, which is reaching new all-time highs daily.
SEI has been quite the star among cryptocurrencies over the last few weeks. CoinMarketCap data shows that the cryptocurrency has gone up by about 196% over the last week.
It gets even more amazing when we realize that SEI spent 2023 going up by nearly 10,000% as shown below.
However, this piece isn’t about SEI.
Just like Bonk on Solana, the Sei has a new memecoin that is making waves and causing quite a buzz. Are we witnessing the birth of the next BONK?
Seiyan is the latest memecoin on the SEI network, created and run by the SEI community.
Seiyan, according to its website, is a “fun and playful” token that represents the loyalty and enthusiasm of SEI holders and users.
The name Seiyan is derived from the name SEI fans call themselves, similar to how Bitcoin fans are called Bitcoiners.
According to the tokenomics from the official Seiyan website, $SEIYAN has a total supply of 1 billion tokens and a circulating supply of about 600 million tokens.
Data from Coingecko also shows that the memecoin currently trades at around $0.059421, and is up by about 16% over the last day.
However, this isn’t the most interesting aspect of Seiyan’s price action.
Seiyan was launched sometime in late December. And since then, the memecoin has been rising steadily.
Coingecko data also shows that Seiyan is up by an amazing 237% over the last 7 days.
Overall, the Seiyan development team has allocated 60% of the memecoin supply to the initial liquidity pool, 15% to its community (which will be vested), 15% to marketing and business development, as well as 10% to the community.
The Rise Of MemecoinsOn Crypto Networks
2023 saw a wave of memecoins pop up on several crypto networks, both popular and otherwise.
The most popular of these is likely Bonk, which popped up on Solana and ended 2023 on a 2,500% YTD gain.
Others include SATS, likely the most popular memecoin on the Bitcoin Network, which had relatively modest, but substantial gains as well as others like Tamadoge, which was launched on the Binance Smart Chain (BSC) in December 2022.
Seiyan marks the most recent addition to the memecoin market and may be on its way to capitalizing on the success of SEI (which continues to make a new ATH every day).
Considering the memecoin’s total supply of 1 billion tokens as well as its current price of $0.064075, this would put its market cap somewhere around $65 million, which would make it around the 19th largest memecoin overall.
In all, Seiyan has a lower circulating supply than most other memecoins, along with a relatively reasonable price. This heaps some degree of promise on this new memecoin’s ability to explode upwards in the coming months.
Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.