While the crypto money markets continued their sluggish course, an altcoin managed to attract attention with its rise: REEF.
REEF token is the local currency of the Reef chain and is used for transaction fees (gas) and chain management (NPoS and PoC). REEF is trading at $0.02024, up 17.95% at the time of writing.
So what’s behind REEF’s sudden rise? Binance, one of the world’s largest cryptocurrency exchanges, organizes a REEF event specifically for Turkish users. Accordingly, there are two separate categories in the event in question. First, as part of the competition, users will collect points from REEF trading transactions. The 50 users with the most points will share the 300,000 TRY REEF prize pool as follows:
- 1 row: REEF worth 45,000 TRY
- 2nd Row: REEF worth 30.000 TRY
- 3rd Row: REEF worth 15,000 TRY
- 4th – 10th Rows: A total of 70.000 TRY worth of REEF, equal distribution
- 11th – 20th Rows: REEF worth 50,000 TRY in total, equal distribution
- 21st – 50th Rows: A total of 90.000 TRY worth of REEF, equal distribution
Secondly, every user who collects at least 5 points from REEF trading transactions during the event period in the lucky category will be eligible to participate in the Lucky REEF draw. Each lucky winner will receive a REEF prize of 2,000 TRY! It is useful to underline that there is a lottery here, unlike the first category. The more points you have in the first one, the better your chances of becoming a champion.
It can be said that the said activity affects the price positively. You can find the details of the event here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.