Happycoin.club - 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 is happening 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, negating much of its previous growth.
The price has now fallen below the key support level of $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 sharp drop in the token's price can be linked to the scandal that erupted in early May. On May 2, the Movement Labs team confirmed that the activities of the third-party market maker Manche had been suspended during the investigation of possible manipulation schemes.
The incident occurred back in December 2024 when 66 million MOVE were dumped on the market by a shell company Rentech, which reportedly made $38 million from it.
This situation, along with the fact that Coinbase (NASDAQ:COIN) plans to delist MOVE pairs on May 15, means that the upcoming unlocking may increase the token's volatility. For this reason, crypto analysts do not forecast its recovery in the short term.
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