An analytics firm recently warned of a severe correction involving the altcoin, which has been on a strong rise.

Reef (REEF), a cryptocurrency listed on Binance's futures market, plummeted 58% yesterday.

The drop wiped out all of the gains the coin had made over the past month in just one day.

On October 10, warned about the possibility of a price correction of REEF, according to analysis by the company Alphractal.

Data shows that three crypto wallets, believed to belong to the same organization, panicked and sent 866 million REEF (worth $2.07 million) to exchanges HTX, KuCoin, and Gateio.

These whale wallets lost $2.53 million, or 55% of their value.

They currently hold only $204,000 worth of REEF and have not yet realized a total loss of $270,000.

Over the past week, the price of REEF has dropped by 67%. Although it is not listed on Binance's spot market, REEF can still be traded on the futures market.

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