On the evening of May 9 at 8 PM, MOVE (Movement) will unlock approximately 50 million tokens, which accounts for 2.0% of the current circulating supply. Based on the current market price, this batch of unlocked tokens is valued at about $8.46 million. However, this news has plunged the market into unprecedented panic.
Currently, 75.5% of MOVE's total token supply is still locked, while the circulating token count is 2.45 billion. However, with the unlocking of these 50 million tokens, the sudden increase in market supply may have a huge impact on the price. In the cryptocurrency market, fluctuations in supply often trigger sharp price volatility, and this unlocking event is undoubtedly a major test for the market.
In the past 30 days, MOVE's price has plummeted nearly 55%, and the current trading price is only $0.166. This price has fallen below a key support level, showing that market confidence in MOVE is rapidly waning. Just at the beginning of May, a new scandal struck the market for MOVE. Third-party market maker Manche was suspended for investigation due to alleged misconduct, further undermining investor trust in MOVE.
Compounding the issue, Coinbase - the globally renowned cryptocurrency trading platform - will officially delist MOVE trading on May 15. This decision is undoubtedly another heavy blow to the MOVE market. Coinbase's delisting means that MOVE will lose an important trading channel, which will further restrict its liquidity and market activity.
From a technical indicator perspective, the current trend of MOVE remains bearish. Market analysts generally believe that it will be difficult for MOVE's price to reverse in the short term. With the approach of the unlocking event and the dual pressure of Coinbase delisting, investors are increasingly pessimistic about the prospects of MOVE.
In this storm, investors face a difficult choice. Should they continue to hold or cut their losses in time? Market sentiment has become extremely fragile, and any slight disturbance could trigger a new wave of selling. The future of MOVE seems to be at a crossroads, waiting for the market's final judgment.
If you are interested in the cryptocurrency market or are following the dynamics of MOVE, then this upcoming unlocking event is absolutely not to be missed. It will not only determine MOVE's short-term fate but may also have a ripple effect on the entire cryptocurrency market. Let’s wait and see how this storm will change everything!
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