Crypto

Reef Finance triumphs, token up 1,200% since Binance delisting

Reef Finance, a blockchain for decentralized finance, gaming, and non-fungible tokens, has surged within the two months since Binance delisted it.

Reef (REEF) token rose to $0.010 on Monday, Oct. 14, up by over 1,500% from its lowest stage this 12 months, making it one of many best-performing cryptocurrencies.

Notably, the Reef coin has risen by nearly 1,200% since Aug. 26, when it was delisted by Binance, the most important crypto alternate within the business. Its market cap has jumped to over $223 million.

Reef worth efficiency since Aug. 26 | Supply: TradingView

In a statement at the time, Binance additionally delisted different tokens like ForTube, Loom Community, VGX Token, and Ellipsis. It cited a number of elements corresponding to low buying and selling quantity and liquidity, the dedication of the workforce to the undertaking, new regulatory necessities, and good contract stability.

Most of Reef’s buying and selling has shifted to different centralized exchanges. In line with CoinGecko, WhiteBit had the most important share of buying and selling quantity within the final 24 hours. It’s adopted by different exchanges like HTX, KuCoin, and Bitget.

This rebound is probably going as a result of builders making important enhancements after the Binance delisting. They initiated a brand new group developer fund to incentivize builders within the ecosystem. A number of the potential dApps to be funded embody these in industries corresponding to lending, DAO infrastructure, and {hardware}.

Reef has additionally made different progress because the Binance delisting. For instance, Hydra Coin introduced that it was constructing the primary NFT battle card sport on the Reef Chain.

Moreover, the builders are collaborating with VIA Labs, a blockchain bridging answer, which is able to start bridge improvement this week. They’re additionally in discussions with perpetual decentralized exchanges about income sharing and RPC infrastructure suppliers.

Reef has additionally gained momentum because the variety of holders has elevated. In line with CoinCarp, the token now has nearly 23,000 holders, considerably increased than its stage earlier than the Binance delisting.

Reef token has grow to be overbought

Reef price
Reef Finance worth chart | Supply: TradingView

Reef’s surge continued as Bitcoin (BTC) and different cryptocurrencies maintained their sturdy rebound on Monday. It has flipped the important thing resistance level at $0.0053, its highest swing since March 2024.

Reef has remained above the 50-day and 100-day Exponential Transferring Averages, which is a bullish signal. Nevertheless, the Relative Energy Index and the Stochastic Oscillator have moved to overbought ranges.

Due to this fact, whereas extra positive aspects are potential, the coin could expertise a pullback within the coming days because of profit-taking. If this occurs, it could retest the important thing help at $0.0053.

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