The price of Movement (MOVE) dropped 16% within an hour after the leading cryptocurrency exchange Coinbase announced that it would suspend listing for the token on 15 May. While the reason behind delisting is not specified, the stiff action from the exchange potentially follows unmatching of token’s “listing standards.”
In a latest X post, Coinbase disclosed that based on their recent review, Movement Network’s native currency MOVE does not meet the listing criteria anymore; hence, it will be suspended for trading from the exchange platform’s Simple and Advance Trading window.
The announcement also stated that the order-books for MOVE have been set to limit-only mode.
Following the announcement, MOVE price has dropped nearly 16%, with it falling from the daily high of $0.2534 to now trading near $0.2020, at the time of writing. The 24 hour trading volume for MOVE has increased by 135%, which currently sits at $260 million.
While Coinbase has not given the exact reason behind MOVE’s removal, an X post from MetaverseSG exposes the catastrophic events surrounding the crypto asset and the team behind it.
This discovery reveals that Movement Labs raised over $38 million with the backing of Donald Trump’s World Liberty Financial and the project was launched with the promise of a significant airdrop. But the value of the token plummeted 85% after a questionable middleman dumped 66 million tokens on its debut day, December 9, 2024.
Moreover, Movement Labs also failed to deliver on a promised $38 million buyback and delayed the airdrop, leaving users upset who supported the project during its initial phase.
Furthermore, the involvement of Donald Trump’s World Liberty Fi – which holds 7.5 million MOVE tokens – raised concerns about the transparency and ethics of Movement Labs as the project’s rumored $100 million funding round disappears from the play.
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