Reef Finance, a blockchain platform focused on decentralized finance (DeFi), gaming, and non-fungible tokens (NFTs), has experienced a remarkable surge over the past two months since being delisted by Binance.
As of Monday, October 14, the price of REEF soared to $0.010, representing an increase of more than 1,500% from its lowest point earlier this year, making it one of the most impressive performers in the crypto space.
Since its delisting on August 26 by Binance, the world’s largest crypto exchange, Reef’s value has skyrocketed by almost 1,200%. This dramatic price growth has propelled its market capitalization to exceed $223 million.
When Binance delisted Reef, it also removed other tokens such as ForTube, Loom Network, VGX Token, and Ellipsis. The exchange cited several reasons for this decision, including low trading volume and liquidity, concerns about team commitment, new regulatory requirements, and issues surrounding smart contract stability.
Despite the setback from Binance, Reef has seen a significant shift in trading activity. The majority of Reef’s trading volume has moved to other centralized exchanges. As per CoinGecko, WhiteBit currently holds the largest share of Reef’s trading volume, followed by platforms like HTX, KuCoin, and Bitget.
The recent rebound in Reef’s price is largely attributed to the development team’s proactive measures post-delisting. One of the key initiatives they launched was a community developer fund, designed to incentivize developers to create new decentralized applications (dApps) on the Reef blockchain. Potential areas of focus for this fund include lending platforms, DAO (decentralized autonomous organization) infrastructure, and even hardware-related projects.
In addition, Reef has continued to make strides in expanding its ecosystem. Notably, Hydra Coin recently announced that it is developing the first NFT battle card game on the Reef Chain, signaling new use cases for the platform in the gaming and NFT spaces. This expansion, alongside other collaborations, suggests that Reef is positioning itself for further growth and innovation despite its earlier challenges.
In addition to the community-driven initiatives, Reef’s development team is collaborating with VIA Labs, a blockchain bridging solution provider, to enhance the platform’s interoperability. Development of the bridge is set to begin this week, which could further integrate Reef with other blockchain ecosystems, boosting its versatility and appeal.
Reef is also in ongoing discussions with perpetual decentralized exchanges (DEXs) regarding revenue-sharing models and has been exploring partnerships with RPC infrastructure providers to improve network performance and scalability. These efforts are aimed at strengthening Reef’s infrastructure and expanding its ecosystem within the DeFi space.
The growth of Reef has been reflected not only in its technological advancements but also in its expanding community. According to CoinCarp, the number of Reef token holders has surged to nearly 23,000, a substantial increase from pre-delisting levels. This uptick in holders signals growing interest and confidence in Reef’s future, especially as it continues to develop new use cases and form strategic partnerships.
Reef token has become overbought
Reef’s impressive surge has continued as Bitcoin (BTC) and other cryptocurrencies maintain their strong rebound, particularly on Monday, where Reef flipped a key resistance level at $0.0053, marking its highest swing since March 2024.
The token has managed to stay above both the 50-day and 100-day Exponential Moving Averages (EMAs), a bullish technical indicator suggesting ongoing upward momentum. However, key technical indicators, such as the Relative Strength Index (RSI) and the Stochastic Oscillator, have reached overbought levels, indicating that the token might be due for a short-term pullback.
While further gains for Reef remain possible, the overbought conditions suggest that profit-taking could lead to a price correction in the coming days. If a pullback occurs, $0.0053 will be a crucial support level to watch. A retest of this level could provide a buying opportunity for investors if the market remains bullish.