REEF Token Falls 58% as 866M Tokens Sold Amid Market Panic 🚨

On October 16, 2024, the cryptocurrency market witnessed a sharp 58% drop in REEF token's price, causing panic among traders. In response, one entity sold 866M $REEF tokens, intensifying the market's instability.

📉 Price Crash & Panic Sell-Off REEF’s price plunged by 58% in just a few hours, wiping out a month's gains. Spot On Chain data revealed that one entity dumped 866M $REEF ($2.07M) on exchanges like HTX, KuCoin, and Gate.io, resulting in a $2.53M loss (-55%).

💸 Huge Losses The entity had initially bought 955M $REEF tokens for $5.064M, but panic selling at lower prices only recovered $2.06M, leaving significant unrealized losses.

🔮 Market Impact Now holding 89.45M $REEF tokens, the entity faces an unrealized loss of $269K. Low trading volumes make $REEF more vulnerable to such dramatic price swings, leaving its future uncertain.

👉 Final Word This crash underscores the volatility of crypto markets, especially for tokens with low liquidity like REEF. Whether it will recover remains to be seen.

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