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The Reef price plunged 55% in the last 24 hours to trade at $0.00225 as of 4.40 a.m. EST on trading volume that skyrocketed 103% to $335.89 million.
The project’s price plummeted despite it confirming yesterday that it had started working with VIA Labs, and that it’s building a reef bridge.
It's a new — and big — milestone today! 🪙
The work has started: @via_labs has began building the bridge 🌉 🤝
Up, up, up we go 🚀 https://t.co/kG9E44NICw
— 🐠 Reef (@Reef_Chain) October 15, 2024
Last month, the project said that it partnered with VIA Labs in a deal that will allow it to incorporate Reef Chain into their messaging, bridge, and Proto-CCTP products. They said that work will start in October and that the launch is expected before the end of the year.
The rumors are true.
Reef has partnered with @via_labs to incorporate Reef Chain into their messaging, bridge, and Proto-CCTP products. Work begins October, with a tentative launch before the end of 2024. 🚀
More info here 👉 https://t.co/07Uqo1FVKA pic.twitter.com/iwvagdGlds
— 🐠 Reef (@Reef_Chain) September 19, 2024
Still, the crypto community has been focusing strongly on the project’s price drop. With Binance recently delisting Reef, following through on the announcement made in August of this year, crypto community members have started speculating that the team may have conducted a pump-and-dump scheme.
They pointed out that the REEF price dropped 30% on the announcement that Binance would delist the token, but that the team pumped it over the next 45 days, causing its price to go up 1,700%, only to now dump the token once it reached its peak.
On 12th Aug 2024
Binance published an article that it will delists $REEF from SPOT and MARGIN trading on 26th August
*Not from Futures Trading*Price DUMPS 30% on announcement day from $0.0011 to $0.000765
But then the team pumped the price
30th Aug 24 – $0.00058
14th Oct 24… pic.twitter.com/87Rs1dBlkT— Rishabh Singhal 🟠 CryptoWaley (@rishabhsrishi) October 16, 2024
It should be noted that this is only speculation for the moment, but also that the Reef price is highly unstable right now.
Reef Price Prediction
REEF saw a massive price drop in the last day and a half, going from a resistance at 0.010 to several supports, all of which ended up broken. The project first broke the $0.0075 level, only to continue to spiral down past $0.0050, and now, it is balancing just above $0.0020.
However, technical indicators are showing that the project did see a few attempts at recovery, likely by some who thought that it might be beneficial to buy the dip. REEF’s Bollinger bands have seen a sharp widening in the last few hours, but the price continued to spiral down and push the lower band deeper, which is a bearish indicator.
Meanwhile, the project’s RSI value kept fluctuating between the start of the oversold zone at 30 and the beginning of the overbought area at 70, showing that the bulls and the bears are fighting for control.
For the moment, the support at $0.0020 is still holding, with the token balancing slightly above it, as mentioned. However, with the investors’ and traders’ faith in REEF seriously shaken by the recent market activity, there is no certainty right now that REEF won’t continue its descent in hours, or even days to come.
Promising Alternative To Reef
While Reef’s future is currently in question, traders might want to consider a new ICO project known as Crypto All-Stars (STARS). STARS has attracted a massive amount of attention, including from popular crypto YouTuber ClayBro, who has over 130k subscribers.
ClayBro speculated that Crypto All-Stars could bring 67x gains to early investors, and encouraged his community to check it out.
The thing that has many people excited about the project is its new and unique staking smart contract known as the MemeVault.
MemeVault differs from other staking smart contracts thanks to the fact that it is the first multi-coin smart contract, allowing STARS token holders to stake a variety of leading meme coins, instead of just a single crypto.
The project currently supports Dogecoin, Floki, Shiba Inu, Pepe, Milady, Turbo, Brett, and many more, with the promise of adding still more cryptos into the mix later on.
This puts it at the center of the meme coin staking ecosystem, allowing those with large meme coin portfolios to stake all of their cryptos in one place instead of having to stake each token separately.
This is a key reason why its ICO has sucked in $2.36 million in its presale, all while selling stars for a fraction of a cent. The token’s current price sits at $0.0015067, and you can buy it with ETH, USDT, BNB, FLOKI, DOGE, PEPE, SHIB, or credit/debit cards.
With a price hike coming in less than 3 days, buy before then to secure the best deal.
Visit the offical STARS website here.
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