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

Reef Finance, a blockchain for decentralized finance, gaming, and non-fungible tokens, has experienced a massive rise in the two months since Binance’s delisting.

The Reef (REEF) token rose over 1,500% from this year’s low to $0.010 on Monday, October 14, making it one of the best-performing cryptocurrencies.

Notably, Reef coin is up almost 1,200% since August 26, when it was delisted by Binance, the largest crypto exchange in the industry. Its market value rose to over $223 million.

Reef price performance since August 26 | Source: TradingView

In a statement made at the time, Binance 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 smart contract stability.

Most of Reef’s trading has shifted to other centralized exchanges. According to CoinGecko, WhiteBit had the largest share of trading volume in the last 24 hours. Other exchanges such as HTX, KuCoin and Bitget follow.

This recovery is likely due to developers making significant improvements after Binance’s delisting. They launched 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 made other progress since Binance’s delisting. For example, Hydra Coin announced that it is developing the first NFT battle card game on Reef Chain.

Additionally, the developers are collaborating with blockchain bridging solution VIA Labs, which will begin developing the bridge this week. They are also in constant talks with decentralized exchanges about revenue sharing and RPC infrastructure providers.

As the number of owners increased, the reef gained momentum. According to CoinCarp, the token currently has almost 23,000 holders; This is significantly higher than before Binance was delisted.

Reef token has become overbought Reef Finance price chart | Source: TradingView

Reef’s rise continued as Bitcoin (BTC) and other cryptocurrencies continued their strong recovery on Monday. It has broken key resistance at $0.0053, the highest level since March 2024.

Reef remains above the 50-day and 100-day Exponential Moving Averages, which are bullish signals. However, the Relative Strength Index and the Stochastic Oscillator have moved towards overbought levels.

Therefore, although more gains are possible, the cryptocurrency may experience a withdrawal due to profit taking in the coming days. In such a case, it could retest the key support at $0.0053.