Reef Finance, a blockchain platform focused on decentralized finance (DeFi), gaming, and non-fungible tokens (NFTs), has seen a significant surge in value over the past two months following its delisting from Binance.

Reef Token Performance

The Reef token rose to $0.010 on Monday, October 14, marking an impressive increase of over 1,500% from its lowest point this year. This makes it one of the best-performing cryptocurrencies in the market. Since its delisting by Binance on August 26, the Reef coin has surged by nearly 1,200%, pushing its market cap to over $223 million.

Factors Behind the Surge

In a statement at the time of the delisting, Binance also removed other tokens such as ForTube, Loom Network, VGX Token, and Ellipsis. The reasons cited included low trading volume and liquidity, the commitment of the team to the project, new regulatory requirements, and smart contract stability.

Since the delisting, most of Reef’s trading volume has shifted to other centralized exchanges. According to CoinGecko, WhiteBit accounted for the largest share of trading volume in the last 24 hours, followed by exchanges like HTX, KuCoin, and Bitget.

Key Developments Post-Delisting

The recent rebound in Reef’s price can be attributed to several key developments. The developers have launched a new community developer fund aimed at incentivizing developers within the ecosystem. Potential decentralized applications (dApps) to be funded include projects in lending, DAO infrastructure, and hardware sectors.

Reef has also made strides in other areas since the Binance delisting. For instance, Hydra Coin announced the development of the first NFT battle card game on the Reef Chain. Additionally, the developers are collaborating with VIA Labs, a blockchain bridging solution, to begin bridge development. They are also in discussions with perpetual decentralized exchanges regarding revenue sharing and RPC infrastructure providers.

Increased Holder Activity

The number of holders of the Reef token has also increased significantly. According to CoinCarp, the token now boasts nearly 23,000 holders, a notable rise from its level before the Binance delisting.

Technical Analysis

Reef’s price continued to rise as Bitcoin and other cryptocurrencies maintained their strong rebound. The token has surpassed the key resistance level of $0.0053, its highest swing since March 2024. Additionally, Reef has remained above the 50-day and 100-day Exponential Moving Averages, which is a bullish indicator. However, the Relative Strength Index (RSI) and the Stochastic Oscillator have moved into overbought territory.

While more gains are possible, the coin may experience a pullback in the coming days due to profit-taking. If this occurs, it may retest the key support at $0.0053.

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