As a seasoned analyst with over two decades of experience in the financial markets, I must admit that I’ve seen some intriguing market movements in my time. However, the resilience and growth exhibited by Reef Finance (REEF) since its delisting from Binance is truly remarkable.
In the past two months following its removal from Binance, Reef Finance – a blockchain platform specializing in decentralized finance, gaming, and non-fungible tokens – has experienced a significant increase in value.
On Monday, October 14th, the value of the REEF token surged to $0.010, marking a significant increase of more than 1,500% compared to its lowest point this year. This places REEF among the top-performing cryptocurrencies in terms of growth.
Remarkably, the value of Reef coin has surged nearly 1,200% since August 26, following its removal from Binance, a leading cryptocurrency exchange. Today, its total market capitalization stands at more than $223 million.
At the same instance, Binance also removed other coins such as ForTube, Loom Network, VGX Token, and Ellipsis from its platform. The reasons provided included insufficient trading activity and liquidity, dedication of the team to the project, newly imposed regulatory restrictions, and the reliability of their smart contracts.
A significant portion of Reef’s transactions has moved to various other centralized platforms for trading. As per CoinGecko, WhiteBit accounted for the largest trading volume in the previous 24 hours. This is followed closely by exchanges such as HTX, KuCoin, Bitget, and others.
As a researcher, I’ve noticed that this project has bounced back strongly following its delisting from Binance. It appears that the developers have been proactive in making substantial improvements post-delisting. They’ve established a new community developer fund to stimulate development within our ecosystem. Potential decentralized applications (dApps) eligible for funding span across various sectors, such as lending platforms, DAO infrastructure, and hardware technology.
Beyond the Binance delisting, Reef has experienced additional advancements. Notably, Hydra Coin revealed plans to construct the initial Non-Fungible Token (NFT) battle card game on the Reef Chain.
HYDRA is constructing the inaugural NFT Battle Card game on Reef Chain, a blockchain platform.— Hydra Coin (@HydraCoinX) October 13, 2024
Furthermore, the team is working together with VIA Labs, a company specializing in blockchain interoperability, who will initiate bridge development starting from this week. Additionally, they are engaged in talks concerning revenue sharing and RPC infrastructure provision with decentralized exchanges that operate perpetually, as well as service providers for Remote Procedure Calls.
The popularity of Reef has surged due to an increase in the number of owners, currently standing at approximately 23,000. This figure is substantially larger compared to its previous count following the Binance de-listing. (CoinCarp data)
Reef token has become overbought
On Monday, the upward trend of the digital currency Reef persisted, with Bitcoin (BTC) and other cryptos holding onto their robust recovery. This momentum propelled it to exceed a significant barrier at $0.0053, marking its highest leap since March 2024.
Over the past while, Reef’s value has consistently stayed above both its 50-day and 100-day Exponential Moving Averages, indicating a positive outlook. Nevertheless, the Relative Strength Index (RSI) and Stochastic Oscillator are now showing signs of being overbought.
As a crypto investor, I find myself in a position where further growth seems plausible. However, with increased profits comes the possibility of a temporary pullback within the next few days due to profit-taking activities. Should this occur, I anticipate that the coin might revisit its crucial support level at $0.0053.
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2024-10-14 17:40