Massive Gains Today for Reef (REEF) Crypto. What’s Causing the Bull Trend?
Timothy St. John • 2 min read
Cryptocurrency token Reef (REEF) is up $31.85% today, with a price of $0.005378 (REEF/USD). That makes it today’s top gainer on the crypto market, and it is obliterating the competition and standing out, receiving some mainstream attention right now. What is making this #185-ranked coin blow up so much today?
Reef Takes the Lead
This coin’s trade volume is currently at $394 million over the last 24 hours, which is an increase of 1,445% for that time. This is an incredible feat for an otherwise unremarkable coin. This bullish movement is paralleled by a healthy market and pushed along by anticipation for the Ethereum Merge launch.
Reef is an acronym for Reliable Extensible Efficient Fast, and it is a decentralized finance blockchain asset that is used for gaming and NFT markets. The big news for this coin is the launch of its Reef Card, which hit the market late last month. The card is a physical debit Mastercard, and it is compatible with Google Play as well. The card lets users take their crypto assets and turn them into fiat currency (real-world money backed by a national bank). Users can do this when they make purchases with the card as a debit card online or at physical retailers as well as on Google Play.
This is a huge deal for the crypto market, and there are few similar options offered by other crypto coins. The debit card gives asset holders more security, flexibility, and functionality with their digital tokens, helping to dispel ideas that crypto coins have no real-world value or use.
Where Is This Coin Headed?
Can the REEF rate really go anywhere but down from here? The massive gains for this coin are astounding, and historically speaking, we would expect just about any crypto coin to dip after a major jump like this. What remains to be seen is how far that dip will go. It is very likely that REEF will hold onto a lot of its gains and possibly continue pushing upwards over the next few days and even weeks.
Right now, the REEF trade volume has surpassed the market cap. That means there is an incredible amount of buying and selling happening here, but it is not sustainable over the long term. Not everyone can cash out their REEF tokens right now, if they wanted to. Then again, a lot of them are simply turning their tokens into fiat currency with the new Reef Card.