GameStop short squeeze story reason for parabolic rise of SEI and VeChain is pumping
Last Updated on 18 February 2024 by CryptoTips.eu
Investors are clearly taking some profits off the table and sending Bitcoin, Ether and all other major digital coins unchanged or lower into the weekend. Thanks to Bitcoin’s rise above the $50k level this week however, many altcoins are having a fantastic time again. We discuss two.
VeChain rises 55% in a month
In order to provide a reliable and tamper-proof supply chain, it is important for consumers to know where every part of a product comes from. VeChain hopes to answer that question. It is therefore the world’s largest blockchain platform for products and information and hopes to be able to do so for many products in the future.
We’ve had a good run #VeFam the last couple of days! 💪 settling down a little atm but if BTC can keep its shit together I reckon we might have another go at 5c tomorrow for an end of week pump 🤞🤞 #VeChain $VET #Crypto pic.twitter.com/zUETheukiJ
— bigcheese.vet Ⓥ (@BigcheeseCrypt0) February 17, 2024
The small altcoin was very popular during the 2021 and 2022 bull run and has a large following on social media. VeChain rose about 55% last month with increasing trading volume.
Sei Network rises 530% in three months
SEI is a layer-1 blockchain that should ensure better communication between the various other crypto coins and projects in the cryptosphere.
The need for this is clear from the parabolic increase of about 530% in the past three months.
SEI was developed by Jeff Feng, who previously worked for investment bank Goldman Sachs, and Jay Jog, who developed software for Robinhood (the trading app that is super popular in the United States).
Why is no one paying attention to $SEI or the $SEI ecosystem?$SEI just broke $1. https://t.co/KEgPRatPGg pic.twitter.com/HMltMwxcPJ
— The Wolf Of Crypto Streets (@W0LF0FCRYPT0) February 16, 2024
Jay says he got the idea for the Sei Network from the communication issues Robinhood experienced during the 2021 GameStop short squeeze.
As a reminder, GameStop’s shares went parabolic after retail investors on the Reddit platform WallStreetBets discovered that investment funds had bought too many shorts. These large investors quickly had to cover their positions after millions of small investors all bought the shares together.
At one point, Robinhood stopped allowing GameStop to be sold as they themselves were financed by an investment fund. The story made it into a Hollywood movie called ‘Dumb Money’.
The team behind the Sei Network hopes that their blockchain can eventually offer better and faster trading than Robinhood.
