As of May 2, 2025, Movement (MOVE) is trading at approximately $0.196, marking a significant 22% decline over the past 24 hours. This downturn follows Coinbase's announcement to delist the MOVE token effective May 15, citing noncompliance with listing standards.
The delisting decision has intensified scrutiny on Movement Labs, especially after revelations of a market manipulation scandal involving the unauthorized sale of 66 million MOVE tokens by a market maker, resulting in a $38 million profit . In response, Movement Labs has suspended co-founder Rushi Manche and initiated a third-party investigation into the matter.
Currently, MOVE is trading approximately 83% below its all-time high of $1.20, achieved in December 2024 . The token's market capitalization stands at around $492 million, with a circulating supply of 2.5 billion tokens .
The combination of regulatory challenges, leadership upheaval, and market volatility has led to a bearish sentiment among investors. The outcome of the ongoing investigation and Movement Labs' efforts to restore confidence will be pivotal in determining the token's future trajectory.