Sei’s native token, SEI SEI, has jumped more than 50% in the past week, beating all other top-100 tokens by market cap as analysts pointed to a “multifactor rally” behind the spike.

“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.

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.

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