Cryptocurrencies, a revolutionary form of digital assets, have been reshaping the financial landscape since the inception of Bitcoin in 2009. They operate on blockchain technology, a decentralised system spread across many computers that manages and records transactions. Amidst the volatile nature of cryptocurrencies, REI Coin has emerged as a significant player. It is the utility token of the REI Network, a platform designed to provide decentralised services.
The REI Network aims to create a more transparent, secure, and efficient environment for transactions and data exchange. The network leverages blockchain technology to ensure the immutability and transparency of all transactions, fostering trust among its users.
What is REI Coin?
REI Coin is the utility token of the REI Network, a decentralised platform that provides various services. As a utility token, it is also used within the REI Network for transactions, paying for services, and incentivising user participation. An exciting aspect of REI Coin’s history is its origin from a token swap. Initially, the network was part of GXChain (GXC), but a separate network was established to expand its capabilities and reach, creating the REI Network. This transition involved a token swap where existing GXC tokens were exchanged for REI Coins.
| Statistic | Value |
| Current Price | $0.08335 |
| 24-hour Trading Volume | $5,232,995.91 |
| Market Cap | $80,805,536 |
| Circulating Supply | 970 Million REI |
| All-time High | $0.3546 |
| All-time Low | $0.01916 |
How does REI Coin Work?
REI Coin is the native utility token of the REI Network, a decentralised platform that provides various services. It operates through a unique staking and replacement system for on-chain resources, allowing users to complete on-chain transactions with minimal costs. The coin serves multiple purposes within the network, including paying gas fees for network transactions and acting as a Validator Pledge token to secure the network.
USE CASES
One key use case of this coin is in the governance of the REI Network. REI token holders can vote and participate in the governance of the REI DAO. This allows the community to have a say in the network’s development and operation, building a genuinely decentralised environment.
Another significant use case is staking. Users can stake REI to become validators of the REI Network. Validators play a crucial role in maintaining the network’s security and integrity. By staking their tokens, users can contribute to the network’s stability and earn rewards.
Moreover, the platform uses this Coin for trading fees, staking, and farming. For instance, users can acquire zUSD, the synthetic dollar, to purchase leveraged assets on the platform, which can be converted into USDT earnings by staking on farms. The network also facilitates trading between tokens supported by ETH, Polygon, BNB networks, and assets in traditional markets.
Current Market Status
The current market status of REI Coin is quite dynamic, reflecting the volatile nature of the cryptocurrency market. As of the latest data, it’s price is approximately $0.083921, with some sources reporting slight variations. The 24-hour trading volume is around $5,746,113.98, indicating a healthy level of activity and liquidity in the market. The market capitalisation, which measures the total value of all circulating REI Coins, is approximately $80,805,536.
This places REI Coin among the top cryptocurrencies in terms of market cap.
Regarding historical performance, REI Coin reached its all-time high price of $0.3546 on March 29, 2024, while its all-time low was $0.01916, recorded on November 9, 2022. These figures provide a snapshot of REI Coin’s current market status and historical performance, offering insights into its potential future trajectory. Please note that cryptocurrency prices are highly volatile and can change rapidly.
How to Buy REI Coin?
Purchasing REI Coin involves a few steps that are generally common across most cryptocurrencies. First, you need to choose a cryptocurrency exchange that supports REI Coin. Some popular exchanges where REI Coin is traded include Binance, TokoCrypto, Gate.io, Kucoin, and Kraken.
Once you’ve chosen an exchange, you must create an account. This usually involves providing some personal information and verifying your identity. After your account is set up, you can fund it using a supported payment method, which often includes bank transfers, credit cards, or debit cards.
Next, navigate to the REI Coin market on the exchange. Here, you can enter the amount of coins you wish to purchase. Before confirming the purchase, you can preview the transaction details, including the current price and any fees associated with the transaction.
After confirming the purchase, the transaction will be processed, and the REI Coin will be deposited into your exchange wallet. For security reasons, it is recommended that you transfer your Coin from the exchange wallet to a personal hardware wallet.
Muslims’ Stance on Buying REI Coin
The permissibility of buying and trading cryptocurrencies, including REI Coin, in Islam, is a topic of ongoing debate among Islamic scholars. The primary concern revolves around whether buying REI Coin is halal or haram.
Some scholars, such as Mufti Taqi Usmani, a renowned Islamic finance expert, consider cryptocurrency future trading impermissible (haram) due to its speculative nature. However, other scholars and organisations argue that cryptocurrencies can be permissible (halal) if they conform to certain conditions. For instance, OneGram, a Dubai-based company, has issued a gold-backed cryptocurrency to limit speculation and comply with Sharia law.
It’s important to note that these views can vary widely, and there is no consensus among all Islamic scholars.
Future Prospects
Future of REI Coin is promising, given the ongoing developments in the REI Network and the broader trends in the cryptocurrency market. The REI Network continues to innovate and expand its services, which could increase the demand and value of this coin
According to various price predictions, the value of REI Coin is expected to rise significantly in the coming years. For instance, CoinCodex predicts that the price of REI Coin could rise by 227.13% and reach $0.262932 by June 8, 2024. Similarly, Binance users predict an increase in the value of REI by 5%, potentially reaching $0.144116 by 2030. CoinDataFlow’s experimental price prediction simulation suggests that REI’s value in 2031 could grow by 259.8% to $0.293638. Stay tuned with Latest Web3 News for more valuable insights about cryptocurrency.
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