REEF has seen a dramatic turn of events, with the token’s value plummeting by 68% in the last 13 hours and a staggering 71% within just 24 hours.
This sharp decline has left many questioning whether this is a case of insider profit-taking or simply a temporary market dip. Some speculate that major market manipulation could be at play.
The story began on August 2, when Binance announced the delisting of REEF spot pairs. Following this announcement, retail traders quickly moved to short the token, anticipating a price drop. However, large whales seemingly took the opposite approach, initiating a pump that saw REEF surge by an impressive 650% over the next three months.
REEF Pump And Dump 🚨 On 2nd August, #Binance announced $REEF spot pair delisting. Retail started shorting immediately, and whales started pumping it. It pumped 650% in 3 months after delisting. But today, it started dumping hard 📉 Since yesterday's peak, the price… pic.twitter.com/67jVD3M9dv
— Wise Advice (@wiseadvicesumit) October 15, 2024
REEF Dumped Over 64% After Massive Price Pump
Despite this substantial rally, the gains have been short-lived. Over the last 24 hours, REEF has started to dump hard, with its price crashing 64% from yesterday’s peak. The rapid decline has raised concerns about the sustainability of the token’s previous gains and has led to increased speculation about potential market manipulation.
While some traders are viewing the current crash as an opportunity to buy the dip, others remain cautious, wondering if the market is being manipulated by larger players for profit. With such significant price fluctuations, REEF’s future remains uncertain, and it is unclear whether the token will recover from this sudden downfall or continue its downward trajectory.
As the situation develops, traders are advised to approach REEF with caution, as the token’s volatility makes it highly unpredictable in the short term. Only time will tell whether REEF’s crash is part of a broader manipulation scheme or just a natural market correction following months of unsustainable gains.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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