REEF - An entire market correcting, Reef FUD, and the Future
Reef has had a solid couple weeks, being down as low as .006, with a bull run hitting over .055. After the 900% run, Reef starts to correct, as well as the entire Alt Market - as Bitcoin surges to a new high. This seems pretty normal here.
FUD: A Reddit user has created a popular post today, titled 'Reef Finance Flags, be careful'. This user has over 8000 Karma, and many posts. The entire post seemed to be about a shift in the circulating supply of REEF, accusing the team of originally lying. They said they caught an address with another 0.5 Billion coins being added recently. He then tried to chat with their telegram support, which was limited to one question every 15 min. His opinion: Reef was a scam.
Future: I mysef went into Telegram, this Reddit post making Reef so popular that every second an admin was barraged by the same question. The first pinned post had the answer - the coins added recently are to pay for the parachain, which Reef must secure itself. Their Roadmap shows they will venture to Kusama first, not Polkadot, so avoid the speculation that 'they won't get a parachain'. This is not true. This rumor ended up proving to be false.
Reef Finance is a highly hyped project, with an impressive array of partnerships, and one of Polkadots Defi tokens. I believe in the middle term, this project will be successful, has already seen a lot of hype, and is not even fully ready to launch yet. Short term, we should see some consolidation. Overall: Bullish
Targets: .032 - .028 - Buy zone. The Fibonacci retrace has hit the 2nd level of support, but this does need to come down further to be a healthy growth cycle. This is not something abnormal.
FUD: A Reddit user has created a popular post today, titled 'Reef Finance Flags, be careful'. This user has over 8000 Karma, and many posts. The entire post seemed to be about a shift in the circulating supply of REEF, accusing the team of originally lying. They said they caught an address with another 0.5 Billion coins being added recently. He then tried to chat with their telegram support, which was limited to one question every 15 min. His opinion: Reef was a scam.
Future: I mysef went into Telegram, this Reddit post making Reef so popular that every second an admin was barraged by the same question. The first pinned post had the answer - the coins added recently are to pay for the parachain, which Reef must secure itself. Their Roadmap shows they will venture to Kusama first, not Polkadot, so avoid the speculation that 'they won't get a parachain'. This is not true. This rumor ended up proving to be false.
Reef Finance is a highly hyped project, with an impressive array of partnerships, and one of Polkadots Defi tokens. I believe in the middle term, this project will be successful, has already seen a lot of hype, and is not even fully ready to launch yet. Short term, we should see some consolidation. Overall: Bullish
Targets: .032 - .028 - Buy zone. The Fibonacci retrace has hit the 2nd level of support, but this does need to come down further to be a healthy growth cycle. This is not something abnormal.
