Coinbase announced the delisting of MOVE, which led to a decline in its value of over 16%. The exchange did not provide specific reasons for this decision, which sparked speculation within the community.
New evidence suggests that Movement Labs was directly or indirectly involved in the dumping of 66 million MOVE tokens by the market maker. Perhaps Coinbase lost trust in the project due to these rumors and the delay with the airdrop.
Why did Coinbase remove MOVE from the listing?
While Coinbase has a well-documented ability to increase the value of certain crypto assets through their listing, the reverse also proves to be true. The exchange will suspend all trading of MOVE exactly two weeks from now, which immediately caused a drop in the asset.
In addition to this 16% drop, the daily trading volume of MOVE has increased by 130%. This indicates that MOVE holders are selling their assets following the delisting announcement from Coinbase. This is a serious blow to the trust and reputation of the Movement Network. The project showed significant potential and even outperformed Bitcoin and Ethereum during the Q1 2025 cycle. It also attracted $100 million in venture capital earlier this year, backed by prominent investors.
However, the delisting from Coinbase is not baseless. Today, Movement Labs announced that the planned airdrop has been delayed, which caused disappointment. This could have been the last straw for Coinbase, in addition to already existing issues. In particular, Movement Labs stated that it would investigate a case of potential fraud in mid-March. The market maker dumped 66 million MOVE tokens, causing a sharp drop in price.
New evidence has emerged, leading to accusations that Movement Labs was directly or indirectly involved in these actions. The company allegedly lent 50% of its MOVE supply to the investment platform Web3Port, which then dumped a large volume of tokens.
Based on these incidents, the community fears a repeat of the historical collapse of OM from MANTRA. Meanwhile, Movement Labs is backed by World Liberty Financial and the Trump family. The DeFi project holds over 7 million MOVE tokens.
click here to bonus🎁🎁🎁#Write2Earn #BinanceSquare #Squar2earn #BinanceAlphaAlert #Binance $MOVE