In the latest turn of events, the Movement (MOVE) coin project has gained significant attention from the crypto community amid the ongoing controversy. Following this, Movement Labs has suspended Rushi Manche, one of the co-founders of the Movement Network over the ongoing market-making scandal.
As per the reports, this decision was executed hours after Coinbase announced the delisting of MOVE coin from its trading platform. With this, altcoin has experienced a nose-dip this week.
Are you one of many holders who have entered into a FOMO-like situation considering the ongoing market sentiments. In this write-up, we will uncover the controversial aspect and possible Movement price prediction for this month.
About The Ongoing MOVE Coin Market-Making Scandal!
Dating back to January 2025, Movement Labs secured a $100 million “Series B” funding round co-led by CoinFund and Nova Fund. This resulted in its native token “MOVE” experiencing a significant uptrend in its valuation. However, the company has been recently accused of a market-making scheme which resulted in controlling 66 million MOVE tokens.
As per the reports, internal contracts show Rentech, a firm with no digital footprint, appearing on both sides of the deal. This raises questions about self-dealing angles. Reportedly, experts highlight this to be “possibly the worst agreement” they had ever seen.
While investors are concerned about the future of this project, officials are questioning the credibility of top executives of the firm.
Movement Price Slits Below $0.20!
The MOVE coin price has dropped approximately 16% over the past seven days. This comes after the ongoing volatility in the project fundamentals. With this, the market cap has dropped to $492.57 million to $0.1970, a drop of 86.39% from the all-time high (ATH) of $1.45.
If the bulls regain momentum, the MOVE coin could retest its immediate resistance level of $0.22. If the bullish sentiment intensifies, this may result in this altcoin heading toward its upper target price of $0.24 in the upcoming time.
On the contrary, if the bears outrun the bulls, this could result in this altcoin dropping toward its immediate support of $0.18. Furthermore, if the bearish sentiment intensifies amid the ongoing controversy, it could plunge toward a new all-time low (ATL) this month.
Note: This article was written only for research purposes. The Crypto Times does not endorse or promote the above token in any manner, both professional and personally. Make sure to “DYOR” before investing in any digital asset.
