REEF and CELO Prices Pumping: Here’s Why

The cryptocurrency market has been witnessing some impressive price actions, with two notable altcoins, REEF and CELO, experiencing significant gains. REEF, the native token of the Reef blockchain, has surged by nearly 46% in the past 24 hours, while CELO, the native token of the Celo blockchain, has jumped by over 27%. Let’s delve into the factors driving these remarkable price pumps.

REEF’s Historic Trading Volume and Potential 10x Growth

Reef (REEF) has been making waves in the crypto space, with its price currently trading at $0.004636, up 45.96% in the last 24 hours. The token’s market capitalization has also seen a substantial increase of 47%, reaching $106,563,969 and ranking it at 474 on CoinMarketCap.

One of the most striking aspects of REEF’s recent performance is its trading volume. According to a tweet by Layer100Crypto.REEF, a prominent X account focused on the Reef ecosystem, REEF is experiencing one of the highest daily volumes in its history. The 24-hour volume on CoinGecko has reached an impressive $506,134,668, with only a few days in 2021 surpassing this level.

Trader JAVON MARKS has also expressed bullish sentiments towards REEF, noting that the token has climbed with “MAJOR STRENGTH” and has already made an 88.2% move since their previous post.

MARKS believes that REEF has the potential to achieve a staggering 10x growth from its current price, with a breakout target of $0.0343550 in sight, which could result in an additional 867% move.

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CELO’s Partnership with Tether and Ecosystem Expansion

Celo (CELO) has also been experiencing a significant price surge, currently trading at $1.52, up 27.53% in the past 24 hours. The token’s market capitalization has increased by 27.73%, reaching $806,278,598 and securing the #120 spot on CoinMarketCap.

The primary catalyst behind CELO’s price pump is the recent announcement of a partnership between Celo and Tether, the company behind the world’s largest stablecoin, USDT. Tether has revealed plans to deploy native USDT on the Celo blockchain, aiming to expand everyday use cases on the mobile-first, EVM-compatible network built for the real world.

This partnership is a significant step forward in the joint mission of enhancing financial inclusion and empowering individuals globally. With over 1,000 projects in 150+ countries, Celo’s mobile-first ecosystem aligns perfectly with Tether’s mission of accessibility.

The integration of USDT on Celo brings several benefits, including sub-cent transaction fees, enabling microtransactions for all, EVM-compatible infrastructure, enhancing interoperability, social mapping via SocialConnect, and on- and off-ramping API standard FiatConnect.

Technical Analysis and Price Targets

From a technical perspective, CELO has confirmed its breakout from a round bottom pattern and has successfully achieved 30% of its targets, according to a tweet by Universe of Crypto. The next major target for CELO is set at $2.11, and the token is expected to continue its massive bull rally towards this level.

Projects like Reef and Celo, which focus on scalability, interoperability, and real-world use cases, are well-positioned to capture the attention of investors and traders alike. With strong partnerships, expanding ecosystems, and promising technical setups, both REEF and CELO appear poised for further growth in the coming weeks and months.

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Vignesh Karunanidhi
Vignesh Karunanidhi

Seasoned crypto writer with deep passion for blockchain and cryptocurrency