MOVE Token Price Plummets 15% After Important Announcement from Coinbase

Updated

May 2, 2025

Gambar MOVE Token Price Plummets 15% After Important Announcement from Coinbase

Jakarta, Pintu News – The price of the Movement token experienced a drastic drop of more than 15% following the announcement from Coinbase of the token’s trading halt on May 15, 2025. This decision sparked panic in the market and exacerbated the situation due to allegations of market manipulation involving the token. This drop marked increased uncertainty for investors and affected the market’s perception of MOVE’s stability.

Coinbase Halts MOVE Token Trading

We regularly monitor the assets on our exchange to ensure they meet our listing standards. Based on recent reviews, we will suspend trading for Movement (MOVE) on May 15, 2025, on or around 2 PM ET.
— Coinbase Assets 🛡️ (@CoinbaseAssets) May 1, 2025

Coinbase, one of the largest crypto exchanges, recently announced that it will stop trading MOVE tokens starting May 15. While it didn’t go into detail on the reasons behind this decision, Coinbase emphasized that this is part of a regular review process to ensure that listed assets meet established standards.

This decision comes amid growing concerns regarding the MOVE token’s activity in the market, especially after allegations of market manipulation that have left many doubting its stability. The involvement of World Liberty Financial, a company associated with Donald Trump, in this scandal adds to the complexity of the situation.

The company’s sale of Ethereum has drawn more attention to the legitimacy of the MOVE token. Concerns over possible trading halts on other exchanges have also increased, exacerbating panic among investors.

MOVE Price Drop and Investor Reaction

Following the announcement from Coinbase, the MOVE token price went into a freefall of more than 15%, with the current value sitting at $0.224969. This represents a drop of 50% in the past month and 85% from its previous high of $1.45 in December 2024.

This sharp price drop has shaken investor confidence, prompting many of them to sell their holdings. The situation has been exacerbated by allegations that MOVE was involved in price manipulation prior to its launch. Investors are now increasingly wary and risk-averse by staying away from assets with potential legal or stability issues.

Market Manipulation Allegations and Internal Investigation

MOVE has been in the spotlight due to allegations of market manipulation made prior to its launch. Movement Labs, the developer behind the MOVE token, is rumored to have entered into a partnership with Web3Port and a third-party intermediary, Rentech, to manage a large percentage of the circulating token supply, aiming to increase the price after the release.

Movement Labs’ internal communications indicate that the company was not fully aware of the market-making deals with Rentech and Web3Port. Currently, Movement Labs is conducting an internal investigation to determine if any misinformation was provided during the process. The results of this investigation are expected to restore some of the lost trust and restore MOVE’s reputation in the market.

Conclusion

This whole incident shows how important transparency and regulatory compliance are in the crypto industry. Going forward, Movement Labs and other entities in the crypto ecosystem should be more cautious in their operations to avoid similar situations that could undermine investor confidence and market integrity.

Also Read: Worldcoin: Innovating Digital Identity Verification Through Iris Scanning

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