On May 9, 50 million MOVE tokens from the Movement Labs project will enter circulation, according to Tokenimist data. At current prices, these tokens are valued at approximately $8.46 million. As of May 5, 7.55 billion MOVE or 75.5% of the total amount are locked. The remaining 24.5% or 2.45 billion are already in circulation. The unlocking occurs at not the best times for the token. Over the past seven days, MOVE has fallen by 28.2%, and over the past month, the token has lost almost 55% of its value, which brings it down from a significant portion of its previous growth. Currently, the price has dropped below the key support level at $0.17, which previously served as a psychological barrier for buyers. At the time of publication, MOVE was trading at approximately $0.169, down 0.54% for the day.
The slight decline in the token's price can be linked to a scandal that erupted in early May. On May 2, the Movement Labs team confirmed that the activities of the external market maker Manche were suspended during an investigation into a possible manipulation scheme. The incident occurred back in December 2024, when 66 million MOVE were dumped on the market by the shell company Rentech, which reportedly made $38 million from it. This situation, as well as the fact that Coinbase plans to delist MOVE pairs on May 15, may intensify the token's volatility. For this reason, its recovery in the short term is being forecasted by crypto analysts.