REEF token price down 59% as Binance delisting starts to bite

The REEF token, a prominent player in the decentralized finance (DeFi) and gaming sectors, has experienced significant price fluctuations since its delisting from Binance on August 2, 2024.

As of now, REEF is priced at $0.002849 with a 38.22% increase over the past 24 hours after a staggering 59.64% drop over the past seven days.

Binance delisting seems to have started biting

Initially, the REEF saw a remarkable surge of over 650% over three months despite Binance’s delisting, climbing to a peak of $0.010.

This dramatic increase followed a low point earlier in the year, making REEF one of the best-performing cryptocurrencies during that period.

However, the momentum shifted sharply, with the token dropping 59% to trade at approximately $0.002849, reflecting a broader volatility within the crypto market.

The fallout from the delisting has drawn mixed reactions from traders and analysts alike.

According to Wise Advice, a crypto influencer on X, the surge attracted retail traders who began short-selling the token, while some whales capitalized on the price drop to accumulate more assets.

The token’s market cap has also seen a significant decline, dropping by 53% as trading activity fluctuated.

Could REEF token price rise after the recent fall?

In addition to the price drop, REEF has witnessed a notable decrease in trading volume, with a 47.20% decline in the last 24 hours, amounting to $55.81 million.

This drop comes after a sharp increase in the trading volume that was primarily fueled by activity on exchanges such as WhiteBit, HTX, KuCoin, and Bitget.

While some speculate this dip may be indicative of a “pump and dump” scheme, others, like analyst Guru Vedas, see the current price as a potential entry point, expecting a bullish reversal in the near future.

Binance’s decision to delist REEF stemmed from low trading volume and liquidity, alongside regulatory requirements.

However, the developers behind REEF have not remained idle; they have actively worked on revitalizing the project.

A community developer fund has been initiated to support innovative applications, focusing on lending and decentralized autonomous organization (DAO) infrastructures.

Notably, a collaboration with Hydra Coin has been announced to develop the first NFT battle card game on the Reef Chain, enhancing its ecosystem.

In addition to gaming projects, Reef Finance is also partnering with VIA Labs to bolster its bridging capabilities, aiming to improve interoperability within the blockchain space.

Discussions with perpetual decentralized exchanges about revenue sharing and RPC infrastructure are also underway, showcasing the developers’ commitment to the project’s future.

While REEF coin has shown resilience amid the market’s ups and downs, the journey ahead remains uncertain as traders assess its potential for recovery.

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