SEI jumps 11% after Ethereum Virtual Machine upgrade boosts derivatives trading.

SEI Network recently launched the Giga Upgrade, enabling full Ethereum Virtual Machine compatibility, which has driven an 11% price increase. This upgrade allows Ethereum-based apps to run on SEI, improving interoperability and network performance by 20%. The price surge is mainly fueled by increased activity in perpetual futures, with over $10 million in leveraged long positions added, pushing prices up as short positions are liquidated. However, market data shows clusters of sell orders below current prices, suggesting a possible short-term pullback despite the bullish momentum.