REEF peaked during the high of the bull run in June 2021. The cryptocurrency started off on a downward roll after the bullishness of June ended. The month of November brought back the bullishness for the cryptocurrency; however, the momentum was not able to last for long and resulted in another period of corrections for the token. At the time of writing, the cryptocurrency stands at a price level of $0.017. The cryptocurrency finally broke the downtrend but the bullish momentum has yet to dominate the market. During the past twenty-four hours, the price has shown a positive movement by 4% while the daily trading volume has jumped up by more than 1,000%. This may be the beginning of a trend reversal for REEF.
What is REEF?
The blockchain was originally a parachain in Polkadot’s ecosystem focusing on the DeFi ecosystem; however, it rebranded in 2021 to a layer-1 EVM compatible chain to expand its scope of offering. REEF is a Reliable Extensible Efficient Fast layer-1 blockchain. The blockchain is geared towards decentralized finance and the NFT gaming segment. It is regarded as one of the most advanced blockchains compatible with Ethereum’s virtual machine. The aim of the network is to provide high scalability and enable low-cost transactions in the DeFi ecosystem.
Future outlook
Reef has the backing of some major leading funds and venture capitalists including Genesis Block and Bitcoin.com. The recent rebranding in 2021 has further brought the network under the spotlight. It has a solid position in the cryptocurrency market, standing at a rank of #174 with the capitalization growing. The network is focused on building the infrastructure for DeFi and since DeFi is regarded as one of the most useful segments of the cryptocurrency market, Reef has a higher chance of growing more as the technology experiences mass adoption.
Moreover, another thing that is expected to fuel the growth trajectory of the network is the development team hardwork and efforts into the ecosystem. Recently, the team releases the version v8 for the network which introduced a major upgrade from Polkadot Substrate 3 to Substrate 4. Furthermore, apart from updates from the development side, the core team is also focusing on increasing the social media presence in order to further boost the growth of the community and, in turn, increase the adoption. All of the efforts of the team combined with the solid funadamnetals of Reef network gives it a bullish future outlook. According to the estimates of Digital Coin Price, the cryptocurrency is expected to be operating at a price level of $0.029 in a year’s time while the five0year projection places it at $0.052.
