Reef Finance, a blockchain for decentralized finance, gaming, and non-fungible tokens, has surged in the two months since Binance delisted it.
The Reef token (REEF) rose to $0.010 on Monday, October 14, up more than 1,500% from its lowest level this year, making it one of the best-performing cryptocurrencies.
Notably, the Reef coin has risen nearly 1,200% since August 26, when it was delisted by Binance, the industry's largest crypto exchange. Its market capitalization has increased to more than $223 million.
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in a statement at that timeBinance also delisted other tokens such as ForTube, Loom Network, VGX Token, and Ellipsis. He cited several factors, such as low trading volume and liquidity, the team's commitment to the project, new regulatory requirements, and the stability of smart contracts.
Most of Reef's trading has moved to other centralized exchanges. According CoinGeckoWhiteBit had the largest proportion of the trading volume in the last 24 hours. Other exchanges such as HTX, KuCoin and Bitget follow.
This rally is likely due to developers making significant improvements after Binance's delisting. They started a new community developer fund to incentivize developers in the ecosystem. Some of the potential dApps to be funded include those in industries such as lending, DAO infrastructure, and hardware.
Reef has also made other progress since delisting from Binance. For example, Hydra Coin announced that it was creating the first nft battle card game on Reef Chain.
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Furthermore, the developers x.com/Reef_Chain” target=”_blank”>They are collaborating with VIA Labsa blockchain bridge solution, which will begin development this week. They are also in talks with decentralized perpetual exchanges about revenue sharing and RPC infrastructure providers.
Reef has also gained momentum as the number of holders has increased. According coincarpThe token now has almost 23,000 holders, significantly higher than its level before Binance's delisting.
Reef token has become overbought
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Reef's rise continued as bitcoin (btc) and other cryptocurrencies maintained their strong rally on Monday. It has broken through the key resistance point at $0.0053, its highest swing since March 2024.
Reef has remained above the 50-day and 100-day exponential moving averages, which is a bullish sign. However, the relative strength index and the stochastic oscillator have moved to overbought levels.
Therefore, while further profits are possible, the coin may see a pullback in the coming days due to profit taking. If this happens, it may retest the key support at $0.0053.
