Reef Finance, a blockchain for decentralized finance, gaming, and non-fungible tokens, has surged in 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 level this year, making it one of the best-performing cryptocurrencies.
Notably, the Reef coin has risen by almost 1,200% since Aug. 26, when it was delisted by Binance, the biggest crypto exchange in the industry. Its market cap has jumped to over $223 million.
In a statement at the time, Binance also delisted other tokens like ForTube, Loom Network, VGX Token, and Ellipsis. It cited several factors such as low trading volume and liquidity, the commitment of the team 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 biggest share of trading volume in the last 24 hours. It is followed by other exchanges like HTX, KuCoin, and Bitget.
This rebound is likely due to the developers making significant improvements after the Binance delisting. They initiated 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 the Binance delisting. For example, Hydra Coin announced that it was building the first NFT battle card game on the Reef Chain.
Additionally, the developers are collaborating with VIA Labs, a blockchain bridging solution, which will begin bridge development this week. They are also in discussions with perpetual decentralized exchanges about revenue sharing and RPC infrastructure providers.
Reef has also gained momentum as the number of holders has increased. According to CoinCarp, the token now has almost 23,000 holders, significantly higher than its level before the Binance delisting.
Reef token has become overbought
Reef’s surge continued as Bitcoin (BTC) and other cryptocurrencies maintained their strong rebound on Monday. It has flipped 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 more gains are possible, the coin may experience a pullback in the coming days due to profit-taking. If this happens, it may retest the key support at $0.0053.
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