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MOVE Token Price Crashes Over 15% as Coinbase Makes Key Announcement – Crypto News

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MOVE Token Price Crashes Over 15% as Coinbase Makes Key Announcement

Movement (MOVE) token price dropped by over 15% after Coinbase’s announcement that it would suspend trading of the token on May 15, 2025. This announcement created panic in the market, causing a significant price fluctuation. The token’s decline is also linked to recent allegations of market manipulation, adding further uncertainty for investors.

Coinbase to Suspend Trading for MOVE Token

Crypto exchange Coinbase has revealed that it would suspend trading for the MOVE token starting on May 15. While the exchange didn’t specify the exact reasons for the decision, it pointed to its ongoing review process to ensure that listed assets meet its standards.

As a result, Coinbase moved MOVE’s order books to limit-only mode, meaning users could place or cancel limit orders, but no new trades could occur. The suspension will affect trading on Coinbase.com (Simple and Advanced Trade), Coinbase Exchange, and Coinbase Prime.

The decision came in the background of the growing concerns related to the activity of the MOVE token on the market. The allegations of market manipulation surrounding the token have drawn scrutiny over its stability. In particular, World Liberty Financial, a Donald Trump linked company, has piqued greater scrutiny of the legitimacy of its token amid its recent ETH sell-off. Considering the uncertainty surrounding the token’s future after Coinbase’s actions and fear or further delistings on other exchanges, market participants are concerned.

MOVE Price Drop and Investor Reactions

After the announcement, the price of the MOVE token dropped more than 15%. According to the latest data, the token’s price is $0.224969, a 50% decline in the last month and 85% from its ATH of $1.45 in December 2024. This MOVE price decline shook investor confidence, prompting some traders to sell off their holdings.

The move by Coinbase is the major factor contributing to the price crash, especially given the ongoing concerns over MOVE’s market manipulation allegations.

This volatile period saw massive interest in the token resulting in a trading volume in MOVE that rose to approximately $374 million. Moreover, MOVE’s open interest in derivatives markets was also up 2.91% at $105.5 million, further indicating that traders were actively engaging with the token in derivative markets.

Allegations of Market Manipulation and Internal Investigations

Recently, MOVE has found itself embroiled in controversy over allegations it engaged in MOVE price manipulation ahead of its launch. According to investigation, the developer behind the MOVE token, Movement Labs entered into a partnership with Web3Port and a third party intermediary, Rentech. According to the arrangement, Rentech would manage a large percentage of the circulating supply of MOVE, helping raise prices shortly after its release.

The case also includes World Liberty Financial, another Movement Labs backer, which adds to the complexity. Moreover, in January, Movement, the network behind the token, discussed blockchain use with Elon Musk’s Department of Government Efficiency (DOGE) team, just 8 days after Trump’s swearing-in.

However, Movement Labs internal communications suggested the company itself lacked knowledge of the full extent of market making agreements with Rentech and Web3Port. Movement Labs is now investigating these agreements to see if it was misled in the process.

The internal probe may clear up things that will hopefully restore much of the lost trust in MOVE. If Movement Labs finds it was misled, it may recover from the controversy. However, market performance has already started to suffer the damage to the token’s reputation as we see in the suspension plans and MOVE price dip.

The post MOVE Token Price Crashes Over 15% as Coinbase Makes Key Announcement appeared first on CoinGape.

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