MOVE token plunges to all-time low after Coinbase delisting and market-making controversy

Coinbase has announced it will delist MOVE amid a $38M token dump controversy. MOVE price has hit a record low, down 84% from the December 2024 peak. Movevent Labs co-founder Rushi Manche has been suspended amid a governance and audit probe. The MOVE token of the Ethereum-based Movement Network has tumbled to unprecedented depths following Coinbase’s announcement of its imminent delisting on May 15, 2025. 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 In the wake of allegations regarding a $38 million token dump and questionable market-making arrangements, the exchange has placed MOVE in limit-only mode before deciding it no longer met its listing criteria. The market-making scandal Coinbase’s decision to suspend all new trades came after internal documents revealed that Movement Labs had signed a market-making agreement granting undue influence to a third-party middleman. The agreement, tying Web3Port and an obscure firm named Rentech, allegedly provided Rentech with the right to dump significant quantities of MOVE once the token’s fully diluted valuation hit $5 billion. Shortly after MOVE made its exchange debut, Rentech executed a rapid sell-off that triggered a precipitous price collapse, eroding investor confidence within hours. Movement Labs responded by establishing a $38 million reserve fund to repurchase the offloaded tokens, but critics have pointed out that no tangible buyback actions have materialised to date. Binance further escalated the crisis by freezing funds linked to the same market maker, compounding concerns about the project’s governance and transparency. Investigation Findings on Staff Misconduct in Trading Dear Binance Users and Community Members, On March 23, 2025, Binance’s Internal Audit team received a complaint alleging that one of our staff members engaged in front-running trades using insider information to gain... pic.twitter.com/SVVvu4rX1x — Binance Wallet (@BinanceWallet) March 25, 2025 Amid these developments, Movement Labs suspended co-founder Rushi Manche on May 2 while an independent review led by intelligence firm Groom Lake remains ongoing. We confirm that Rushi Manche has been suspended from Movement Labs. This decision was made in light of ongoing events and as the third-party review is still being conducted by Groom Lake regarding organizational governance and recent incidents involving a market maker. — Movement (@movementlabsxyz) May 2, 2025 Manche has publicly distanced himself from the token dump, claiming bad actors manipulated agreements behind the scenes and rejecting any personal involvement in off-market sales. Despite these assurances, the sudden leadership upheaval only deepened the aura of uncertainty surrounding MOVE’s strategic direction and governance reforms. MOVE token hit hard Following Coinbase’s May 1 limit-only notice and the formal delisting announcement, MOVE’s price plunged by over 20% to an all-time low near $0.18, before rebounding to $0.1985 at press time Source: CoinMarketCap The token is trading more than 86% below its December 2024 peak of $1.45, illustrating how project-specific turmoil can eclipse broader market rallies. At press time, MOVE’s market capitalisation stood at approximately $496.27 million, with a staggering 398.04% spike in 24-hour trading volume and a volume-to-market-cap ratio exceeding 116.66%. The token’s circulating supply of 2.5 billion MOVE and a total cap of 10 billion have drawn attention to potential sell-pressure vulnerabilities amid thin liquidity. Technical indicators offer little respite, as both the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) continue their descent without signalling any bullish divergence or imminent reversal. In Elliott wave terms, MOVE appears to be in the extended fifth wave of its downward cycle, suggesting further downside could be reached if the 1.61 extension target of $0.136 is met. Community sentiment has soured markedly, with Telegram discussions oscillating between relief at avoiding further losses and outright accusations of yet another crypto scam. A Movement Network Foundation spokesman emphasised that the suspension was not permanent and that talks with Coinbase are ongoing, aiming to restore trading if standards are met. However, the delay of the promised MoveDrop airdrop and the absence of a concrete timeline for the strategic reserve’s deployment have left many token holders sceptical. With holders numbering roughly 33,850 and the fully diluted valuation still hovering near $1.98 billion, stakeholders face a steep uphill battle to regain trust. As Movement Labs navigates governance audits, buyback pledges, and potential reinstatement on major exchanges, MOVE’s future hinges on transparent accountability and tangible remediation. Only by addressing the structural flaws exposed by the market-making scandal and delivering on recovery commitments can Movement hope to salvage its token’s credibility and value. Source: https://coinjournal.net/news/move-token-plunges-to-all-time-low-after-coinbase-delisting-and-market-making-controversy/