The cryptocurrency Sei Network ($SEI) has experienced a notable surge in value, rising over 40% within 24 hours and reaching a weekly increase of approximately 68%. This upward momentum follows Canary Capital's announcement of filing for a $SEI exchange-traded fund (ETF) and the network's total value locked (TVL) climbing to $1.13 billion. Additional factors contributing to the rally include Sei Network being selected as one of 11 finalists for Wyoming's $WYST stablecoin initiative and achieving all-time highs in transactions, active addresses, and trading volumes. The price of $SEI has stabilized between $0.277 and $0.285 after a significant hourly increase. The surge in $SEI is part of a broader rebound in altcoins, with several large-cap projects also posting double-digit gains over the past 24 hours.