MOVE faces a price manipulation crisis as Coinbase announces the delisting of MOVE trading on May 15, causing a 16% short-term plunge in MOVE's price.
Coinbase announced that it will suspend trading of Movement (MOVE) on May 15, 2025, at approximately 2 PM Eastern Time.
Recently, Coindesk revealed that during the initial issuance of the MOVE token, a single entity had abnormal control over the MOVE tokens. On the first day of listing, 66 million tokens were rapidly sold off, generating a profit of $38 million, leading to a sharp drop in MOVE's price.
As early as March this year, Binance disclosed this issue in an announcement, stating that there was a problem with one of MOVE's market makers. Binance froze the related earnings of the market maker, and at that time, the MOVE project team promised to use the market maker's related earnings to compensate users.
Now, this has escalated into a major crisis for MOVE.
Binance data shows that MOVE's all-time high was $1.41, and it is currently priced at $0.2, with a short-term drop of 16%.
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