Movement's Token Drops 7.838% as Coinbase Halts Trading

Movement's latest price was $0.1812, down 7.838% in the last 24 hours. The Ethereum-based layer-2 project, Movement, has encountered substantial obstacles recently. Coinbase declared that it would cease trading support for Movement's native token, MOVE, effective May 15th. This decision followed a series of controversies and scandals that have affected the project.

One of the major controversies involved Binance, another leading crypto exchange. In late March, Binance banned and froze the assets of a market maker that had been operating for Movement. The market maker had sold approximately 66 million MOVE tokens on December 10th, with few buy orders, netting a profit of $38 million worth of the stablecoin USDT before being offboarded.

Movement employs Move, a programming language originally developed by a consortium backed by tech giant Meta for the now-defunct Diem project. This language has also been used to develop layer-1 blockchains Sui and Aptos. Despite its innovative technology, Movement has faced significant setbacks due to the recent controversies and the delisting from Coinbase.