Coinbase Announces Suspension of MOVE Listing, Leading to a 16% Price Drop
Coinbase Kicks MOVE to the Curb
In a surprising turn of events, Coinbase, the leading cryptocurrency exchange, announced that it would boot out Movement's native currency, MOVE, from its platform, starting May 15th. The exchange cited a lack of compliance with its listing standards as the reason, but failure to meet them isn't the only controversy plaguing this cryptocurrency.
Coinbase made its announcement via a recent post, stating that MOVE no longer adheres to their listing criteria, sparking a trading suspension from the Simple and Advance Trading windows. The exchange also transitioned MOVE order-books into limit-only mode. The announcement caused a serious price dip, with MOVE plummeting nearly 16%.
Before this bombshell, MOVE was trading at $0.2534. However, the announcement sent its price tumbling down to $0.2020 at the time of writing. The 24-hour trading volume for MOVE surged by 135%, currently reaching a whopping $260 million.
Although Coinbase didn't provide an explicit reason for MOVE's removal, some concerns surrounding the project and its team have surfaced. An investigation by MetaverseSG exposed a string of catastrophic events associated with MOVE and its backers.
According to the investigation, Movement Labs, the project's developer, raised a hefty $38 million with the backing of Donald Trump's World Liberty Financial, and promised an airdrop to its supporters. However, the token's value crashed an astounding 85% after a mysterious middleman offloaded 66 million tokens on its debut day, December 9th, 2024.
Additionally, Movement Labs failed to deliver on its $38 million buyback promise and repeatedly delayed the airdrop, leaving its supporters disgruntled. Furthermore, the involvement of Donald Trump's financial backing, which holds 7.5 million MOVE tokens, has raised concerns about transparency and ethics within Movement Labs. The project's supposedly $100 million funding round also seems to have vanished without a trace.
While Coinbase has taken a firm stance against MOVE, other exchanges like Binance have also shown signs of skepticism. Binance delisted the involved entity amid the ongoing scandal, adding fuel to the fire. Movement Labs now faces intense scrutiny as the findings of an independent investigation will determine the accountability of its leadership.
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- The leading cryptocurrency exchange, Coinbase, has announced that it will remove MOVE, the native currency of project Movement, from its platform, citing lack of compliance with its listing standards as the reason.
- The delisting has caused a significant price drop for MOVE, with its price dipping nearly 16% after the announcement.
- Other exchanges, such as Binance, have shown signs of skepticism towards MOVE, following Coinbase's lead and delisting the involved entity amid an ongoing scandal.
- An independent investigation is underway to determine the accountability of Movement Labs' leadership, as concerns over transparency, ethics, and the disappeared $100 million funding round widespread.
