Token #Reef was delisted from Binance Spot exchange in late August 2024. This usually means that the token will no longer be traded on Binance. However, Binance has retained the REEF/USDT pair on Binance Futures

The Strong Recovery of #REEF/USDT

• Since September 1, 2024, the price of REEF began to recover strongly from the low of 0.000583 USD. In just 45 days, the price of REEF increased by 1,700%, reaching a peak of 0.010492 USD on October 14, 2024.

• This incredible price increase raises suspicions that the price of REEF is being pushed up by whales participating in the Futures derivatives market.

1. The open interest (OI) volume of REEF/USDT decreased by nearly 32% in 24 hours to $81.1 million.

• The sharp decrease in OI volume may be a signal that large investors have started to take profits after REEF's continuous price increase.

2. Short orders were liquidated: On October 14, 2024, a total of $2.23 million worth of Short orders were liquidated

3. Long orders were liquidated: On October 15, 2024, it was the turn of Long orders to be liquidated with a value of $1.8 million

After the sharp increase, the price of REEF began to decline on October 15, 2024. The main reason is believed to be the participation of whales in the “game”:

• After “killing long, killing short”, that is, pushing the price up to liquidate Short orders, and then lowering the price to liquidate Long orders, the whales have completed their goal.

• Once the big traders take profits, they withdraw from the market, turning their attention to other coins. This causes the price of REEF to fall sharply again.

In short, the recent volatility of REEF on Binance Futures shows the strong participation of whales and profit-taking behavior after pushing the price.