Movement Token Plunges 14% After Coinbase Suspends Trading
1min read Movement, the native token of the Ethereum layer-2 network Movement, experienced a significant plunge to an all-time low price on Thursday. This dramatic drop occurred after coinbase, a major cryptocurrency exchange, announced that it would suspend trading for the token later this month.
In a statement posted on X, Coinbase explained that it regularly reviews the assets listed on its exchange to ensure they meet its listing standards. Based on recent evaluations, the exchange decided to suspend trading for Movement (MOVE) on May 15, 2025, around 2 PM ET. This decision has had an immediate impact on the token's value, which fell nearly 14% to $0.2079, marking its lowest price since its launch in December.
The sudden announcement by Coinbase has raised questions about the future of the Movement token and the broader implications for Ethereum layer-2 networks. The suspension of trading could signal broader concerns about the token's viability or compliance with regulatory standards, although specific reasons for the delisting were not provided in the announcement.
Ask Aime: Why is Movement the native token of the Ethereum layer-2 network experiencing a steep decline in value after Coinbase announced a ban on its trading?
This development highlights the volatility and uncertainty that can accompany cryptocurrency investments, particularly for tokens associated with emerging technologies like layer-2 networks. Investors and stakeholders in the Movement ecosystem will be closely monitoring the situation for further updates and potential impacts on the token's value and the network's development.
