REEF Token Plummets 64% After Skyrocketing 650% Since Binance Delisting
The REEF token has experienced wild price swings following its delisting from Binance spot trading on August 2, 2024. After an impressive 650% surge over the past three months, the token peaked at $0.010. This price jump caught the attention of both retail traders, who began short-selling, and whales, who bought in heavily after the delisting, as noted by Wise Advice, a well-known crypto influencer on X.
However, REEF's fortunes quickly reversed, with the token plunging by 64% after hitting its recent high. It is now trading at $0.0042, reflecting a 53% drop in market cap. Despite this sharp decline, trading volume surged by 139%, hitting $235 million in the last 24 hours. This trading activity was largely fueled by exchanges like WhiteBit, HTX, KuCoin, and Bitget. Additionally, the number of REEF holders has grown significantly, nearing 23,000, showing sustained interest despite the turbulence.
While some investors label this drop as a classic “pump and dump” scenario, crypto analysts like Guru Vedas see potential in the current price levels, suggesting that this could be a prime entry point before an upcoming bullish trend. Binance initially delisted REEF due to concerns over "low trading volume and liquidity" as well as regulatory issues, but the project’s developers are actively working to rejuvenate the platform.
The team behind REEF has set up a community fund to foster innovation, with a focus on lending and decentralized organizations (DAOs). An exciting development comes from Hydra Coin, which is building the first NFT battle card game on the Reef Chain. Furthermore, Reef is partnering with VIA Labs to enhance its bridging capabilities, improving interoperability across blockchains, positioning the project for a potential comeback.
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