Coinbase announced that they will delist MOVE, causing the token's price to drop by over 16%. The exchange did not provide a specific reason for this action, leading to numerous speculations in the community.
New evidence alleges that Movement Labs directly or indirectly participated in a market maker selling off 66 million MOVE tokens. Coinbase may have lost trust in the project amid these rumors and the delayed airdrop.
Why did Coinbase remove MOVE?
Although Coinbase has the potential to increase the value of some cryptoassets by listing them, the opposite can also occur. The exchange will suspend all MOVE trading for two weeks, immediately causing a sharp decline in the asset's price.
In addition to the 16% price drop, MOVE's daily trading volume increased by 130%. This indicates that MOVE investors are selling their assets following Coinbase's delisting announcement.
MOVE price drops sharply after being delisted on Coinbase. Source: TradingViewThis is a major shock to the reputation of Movement Network. The project had shown significant potential and even outperformed Bitcoin and Ethereum in the Q1 2025 cycle. It also raised 100 million USD in capital from prominent investors earlier this year.
However, Coinbase's delisting is not without reason. This morning, Movement Labs announced that a planned airdrop was delayed, causing disappointment. This could be the last straw for Coinbase, in addition to existing previous issues.
Specifically, Movement Labs declared they would investigate a potential fraud case in mid-March. A market maker sold off 66 million MOVE tokens, causing a significant price drop.
New evidence has emerged, leading users to allege that Movement Labs directly or indirectly participated in these transactions. The company is accused of lending 50% of the MOVE supply to the Web3Port investment platform, which then sold off a large number of tokens.
Based on these events, the community is concerned about repeating the historical collapse of MANTRA's OM. Meanwhile, Movement Labs is supported by World Liberty Financial of the Trump family. This DeFi project holds over 7 million MOVE tokens.
