We Had Warned: Massive Rising Altcoin Suffers Major Correction, Whales Panic Sell

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Bitcoinsistemi2024/10/16 17:12

By:Mete Demiralp

An analysis company had recently warned of a serious correction regarding the altcoin, which had experienced a major rise.

Reef (REEF), which is also listed in futures on Binance, recorded a 58% drop today. With this drop, the altcoin completely erased the entire rise it had experienced in the last month in one day.

Graph showing the change in REEF price in the last month.

As Bitcoinsistemi.com, we wrote about REEF on October 10, when the Alphractal analysis company warned of a possible correction in price.

Related News Analysts Give “Correction Warning” For Altcoin, Which Soared 1200 Percent In The Last One Month

According to the data, three different cryptocurrency wallets thought to belong to the same organization panicked and sent 866 million REEF tokens worth $2.07 million to the HTX, KuCoin and Gateio exchanges. With these sales, the whale wallets lost $2.53 million, or 55%.

These whales now hold only $204k worth of REEF and have a total unrealized loss of $270k.

The REEF price has fallen by 67% in the last week. The altcoin is not listed on the spot market on Binance, but is available for trading on the futures side.

*This is not investment advice.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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