REEF price prediction: What is Reef?
It is part of a protocol that aims to make decentralised finance (DeFi) easier to use and more accessible, but what is REEF?
Let’s take a look and see what we can find out, and investigate some of the REEF price predictions that were being made about REEF as of 17 October 2022.
REEF explained
One of the most important ideas in terms of both cryptocurrency and blockchain technology is that of DeFi – a system based on the belief that financial transactions and services can exist without centralised banks.
A World Bank report from 2017 said there were 1.7 billion people who did not have a bank account, but roughly 66% of them owned a mobile phone. Advocates of DeFI aim to reach these people, in the hope of promoting financial inclusion, making everyone richer and creating a fairer version of traditional financial services.
These new takes on old systems are designed to be accessible online via the use of blockchain technology. These tools are often available in the form of decentralised apps (dApps) and can allow people to get involved in borrowing and loaning crypto, potentially earning interest in the process.
Reef is a system that aims to make the world of DeFi more accessible and easier to use for people. Apparently standing for ‘Reliable, Extensible, Efficient, Fast’, the platform Reef was launched in 2020 and aims to serve as an all-inclusive place for people to build programs, make deals and get involved in crypto borrowing.
REEF to USD
Using cross-chain technology to access resources from a variety of sources, Reef allows people to provide liquidity to the likes of the Uniswap (UNI) exchange and Aave (AAVE) protocol, as well as working with such blockchains as Ethereum (ETH) and Avalanche (AVAX).
Every blockchain-based network needs its own native token, and Reef has the eponymous cryptocurrency, Reef. The REEF token is designed to be used to pay for transaction fees, running nodes on the network and voting on governance decisions. It can also be bought, sold and traded on exchanges.
The Reef blockchain ecosystem was created by Macedonian crypto entrepreneur Denko Mancheski. It is worth pointing out at this stage that REEF is based on the Polakdot (DOT) blockchain, which means that it is a token, rather than a coin. You might see references to such things as a “REEF coin price prediction” but such terms are, technically speaking, inaccurate.
REEF price history
Reef price history from launch to present – Credit: Capital.com
Let’s now cast our eyes over the REEF price history. While past performance should never be taken as an indicator of future results, knowing what the crypto has done in the past means that we can gain some much-needed context if we want to either interpret an existing Reef price prediction, or else make one of our own.
REEF first came onto the open market in December 2020, when it initially traded at around $0.23, according to CoinMarketCap. While there was a significant price drop early on, falling to below the cent in early January 2021, things soon picked up as the market went through a significant bullish phase in the first few months of that year.
The pinnacle of REEF’s achievements at this time came on 15 March 2021, when it reached its all-time high of $0.05841. It fell down after that, perhaps inevitably, although there were returns to similar levels in May.
After the great crypto day crash of 19 May 2021, the token spent the summer in the doldrums, but made something of a comeback later on in the year, reaching periodic highs of above $0.035 in early November before falling back down to close the year at $0.01834.
So far, 2022 has not been a good year for either the overall crypto market or for REEF in particular. The shape of the token’s price chart indicates a significant overall decline. That said, there were some relatively encouraging events early on, with the token moving from a low of $0.009572 on 3 February to a high of $0.01415 on 10 February 2022.
Likewise, a small bull run in late March culminated with the token reaching $0.01266 on 2 April 2022. After that, though, it was downhill and, with the depegging of the UST stablecoin and the collapse of the associated LUNA cryptocurrency causing a market crash in May, REEF sank to an all-time low of $0.002806 on 12 May 2022.
Although there was some recovery after that, Reef was kept in something of a holding pattern when the cancellation of withdrawals on the Celsius Network (CEL) crypto lending platform confirmed a bear market and REEF traded at a daily low of $0.002991 on 18 June 2022.
Since then, there has more recovery, with 31 August’s news that Reef had launched its own debit card helping consolidate the price at somewhere around $0.003 in early September, before something of a sudden price surge meant it reached a high of $0.005077 on 17 September 2022.
Although the price fell, it soon recovered with the news that REEF was to be available on the Atomic Wallet platform, following its listing on the MEXC exchange, boosting its price to around $0.00694 on 17 October 2022.
At that time, REEF’s total supply of around 20.29 billion tokens was in circulation, giving the token a market cap of around $140.5 and making it the 159th-largest crypto by that metric.
REEF price prediction round-up
With that all said and done, let’s take a look at some of the REEF price predictions that were being made as of 17 October 2022.
It is important to note that price forecasts, especially when it comes to something as potentially vulnerable as cryptocurrency, often turn out to be wrong. Also, it is worth bearing in mind that long-term crypto price predictions are often made using an algorithm, which means that they can change at any time.
First, CryptoNewsZ had a REEF price prediction for 2022 that said that the token could be worth $0.0164 by the end of the year. The site argued that REEF could reach around $0.017 in 2023, before it could dip to a potential average of $0.0159 in 2024. By 2025, the site said that the token could trade somewhere around $0.0218, before falling to $0.0205 in 2026.
Next, CaptainAltCoin made a REEF crypto price prediction that said the token could drop to $0.0046 in December 2022, before recovering to $0.0073 in October 2023. The site then said that REEF could be worth $0.024 in 2025, before it potentially drops to $0.0112 by October 2027. The site’s REEF price prediction for 2030 suggested it could be worth $0.0599 that year and $0.1198 in 2040.
Meanwhile, CryptoPredictions outlined a REEF price prediction that said it could close 2022 up to $0.007 before potentially moving to $0.00754 in October 2023. A year from then, the forecast was that the token could climb to $0.0087.
The site’s REEF price prediction for 2025 suggested it could open the year at about $0.009358, move to $0.010946 in October and close the year at $0.01123. In 2026, the forecast was the token could potentially be worth $0.012286 in October, before possibly closing the year at $0.012428.
Finally, WalletInvestor predicted REEF had a tough time ahead over the next 12 months or so, with the site’s REEF price forecast suggesting that the token could fall to a mere $0.000517 by October 2023.
When considering a REEF token price prediction, it’s important to keep in mind that cryptocurrency markets remain extremely volatile, making it difficult to accurately predict what a coin or token’s price will be in a few hours, and even harder to give long-term estimates. As such, analysts and algorithm-based forecasters can and do get their predictions wrong.
If you are considering investing in cryptocurrency tokens, we recommend that you always do your own research. Look at the latest market trends, news, technical and fundamental analysis, and expert opinion before making any investment decision. Keep in mind that past performance is no guarantee of future returns. And never trade with money that you cannot afford to lose.
FAQs
Is REEF a good investment?
It is not particularly easy to tell right now. While, at the time of writing, the token’s price had shot up, it is still too early to tell whether this rise will be sustainable. Going forward a lot will depend on what, if anything, REEF can do to set it apart from other, similar, crypto platforms, and how the cryptocurrency market behaves in general.
In volatile cryptocurrency markets, it is important to do your own research on a coin or token to determine if it is a good fit for your investment portfolio. Whether the REEF token is a suitable investment for you depends on your risk tolerance and how much you intend to invest, among other factors.
Keep in mind that past performance is no guarantee of future returns, and never invest money that you cannot afford to lose.
Will REEF go up or down?
It is difficult to say whether or not REEF will go up or down. While the likes of CryptoNewsZ are pretty optimistic about the token’s future, other sites such as WalletInvestor take a far more sombre and downbeat tack. It is important to recognise that price forecasts often turn out to be wrong, and that cryptocurrencies can be highly volatile, which means that prices can go down just as easily as they can go up.
In volatile cryptocurrency markets, it is important to do your own research on a coin or token to determine if it is a good fit for your investment portfolio. Whether REEF is a suitable investment for you depends on your risk tolerance and how much you intend to invest, among other factors.
Keep in mind that past performance is no guarantee of future returns, and never invest money that you cannot afford to lose.
Should I invest in REEF?
Whether you should invest in REEF is a question that you will have to answer for yourself. Before you do so, however, you will need to conduct your own research.
Never invest more money than you can afford to lose, because prices can go down as well as up.
Markets in this article
Related topics
