The whole environment is sluggish, and I just saw that #Reef achieved a 17% increase today. This momentum against the current aroused my curiosity. In this article, let's take a look at this project first, and then analyze its token market and potential.
REEF token market analysis
The current REEF price is $0.0062545, up 17.48% in the past 24 hours.
From the candle chart, the token started to rise on August 30, 2024, and on the morning of October 4, it rose from $0.000586 to the current $0.0062545, achieving a 10X growth in little more than 30 days. Especially when BTC fell sharply on October 1, REEF held up and continued to grow.
From the chart, it still has room to rise, and it is very likely to rise to $0.018, which is its short-term limit, and it may take several months to achieve. If I am right, it will bring a 35X return. Please also pay attention to various environmental factors or major events during these months, which will have an impact on the token price.
Situation on the morning of October 4
This morning, REEF has paused in a small peak and has fluctuated slightly. Then I followed the market trend and made three orders without leverage, and gained 12% profit. Then at noon, REEF entered a more intense fluctuation. The intense here means that the fluctuation range is narrowed and it is not suitable for trading. I believe that it will make a choice later, whether to rise or fall. If it falls, it should be temporary, and it may still have a way to rise.
Short term trading ideas
The future target price maybe about 0.0078411 US dollars.
About REEF
What is REEF?
REEF, translated as coral reef. Reef is a reliable, scalable, efficient, and fast Layer-1 blockchain for DeFi, NFT, and games. It is built with Substrate Framework, is highly scalable, enables almost instant low-cost transactions, and supports Solidity and EVM, allowing developers to seamlessly migrate their DApps from Ethereum without making any changes to the codebase. Reef Chain is the most advanced EVM-compatible blockchain. It is self-upgradable and has on-chain governance. Its infrastructure also allows EVM expansion, allowing native token bridging, scheduled calls (ie, periodic payments), and smart contract in-place code upgrades. In the near future, it will support other VMs, which will allow developers to write code in multiple programming languages. The network runs on the Nominated Proof of Stake (NPoS) consensus mechanism, which provides scalability and low fees.
REEF Tokens
REEF is the native token used for the following purposes: Fees for processing transactions and storing data. Running validator nodes by staking REEF tokens. Nominating which validator nodes should be part of the network. Reef is backed by several leading funds and venture capitalists, including NGC, QCP, Bitcoin.com, Kenetic Capital, LD Capital, TRG Capital, Krypital Group, Genesis Block, Woodstock Fund, and others.
Total supply of REEF
The Reef chain does not have a fixed supply, but the target supply at launch is around 20 billion REEF. The fee burning model of the Reef chain is deflationary in nature, and in principle should offset the governance and running costs of the chain (rewards paid to nominators and validators).
Liquidity Supply
(ERC-20, BEP20 and REEF20)
Reef tokens were initially deployed on Ethereum and Binance Smart Chain. These tokens need to be convertible so that users can redeem them for Reef chain native tokens and vice versa. Additional issuance is made on all chains in order to provide cross-chain swap liquidity to exchanges and bridges. These tokens should not be counted in the total supply as they are temporary triple tokens that will be destroyed as more users converge on the Reef chain and demand for swap liquidity decreases. A full breakdown of each chain's issuance and liquidity bridge supply is available through the Supply API.
Reef Wallet
REEF has its own wallet, currently only available as an Android mobile app and desktop browser software, which can be used to access and interact with the blockchain.
REEF is equipped with its own reefscan
Any transaction transfer on the REEF blockchain can be traced, and REEF has built its own scanner.
Reef has its own swap
Unlike other platforms, you can swap directly on Reefâs own website or in the mobile dApp, which is very convenient.
In general, REEF was originally created as a blockchain designed for retail investors. It is built on the latest blockchain technology, has a comprehensive functional network, and has obtained solid investment funds. These make this project novel and cute in the turbulent web3 and blockchain economy, and it has just gained a foothold.
As for how far it can go and how strong it will be in the future, only time can tell. By the way, I would like to state that my introduction of REEF does not mean that I convince everyone to invest in this project. I can't see how this project will perform in the future, because there are too many similar web3 projects. It's just notice that at this moment, its unique situation when all tokens are falling has attracted my attention, so I shared my learning results, that's all.
Therefore, traders, put #Reef in your watchlist and make profits when there are good opportunities.
Finally, I wish you happy trading! See you next time:)
#REEFUSDT #Reefpriceanalysis #Reef #Write2Earn!