MOVE Plummets 16% After Coinbase Delisting

MOVE, a cryptocurrency, experienced a significant drop of 16% following an announcement by coinbase that it would delist the asset. The exchange did not provide a specific reason for this action, leading to widespread speculation within the community.

New evidence suggests that Movement Labs, the entity behind MOVE, may have been involved in a market maker dumping 66 million MOVE tokens. This incident, coupled with a delayed airdrop, likely contributed to Coinbase's decision to delist MOVE. The exchange will suspend all trading of MOVE in two weeks, immediately causing the asset's value to plummet.

This development is a severe blow to the credibility and reputation of Movement Network. The project had shown significant potential, outperforming Bitcoin and Ethereum during the Q1 2025 cycle and raising $100 million in venture capital funding from notable investors. However, the recent incidents have raised concerns about the project's integrity and future prospects.

Movement Labs had previously announced an investigation into an instance of potential fraud in mid-March, where a market maker dumped a large volume of MOVE tokens. New evidence has emerged, alleging that Movement Labs was directly or indirectly complicit in these dealings. The company is said to have loaned 50% of MOVE’s supply to investment platform Web3Port, which then proceeded to dump a significant amount of tokens.

These incidents have led to fears within the community of a repeat of MANTRA’s historic OM crash. Movement Labs is backed by the Trump Family’s World Liberty Financial, which holds more than 7 million MOVE tokens. The community's trust in the project has been severely shaken, and the future of MOVE remains uncertain.