Coinbase Delisted MOVE, Sending the Token Plunging Over 16%

New evidence alleges that Movement Labs was directly or indirectly involved in a market maker dumping 66 million MOVE tokens.

Coinbase’s decision to delist Movement (MOVE) has had a devastating impact on the network, causing a 16% price plummet and a 130% surge in daily trading volume over the past two weeks.

Following Coinbase’s announcement, MOVE’s price dropped from $0.34 to $0.28, and the daily trading volume soared from 250 million to 570 million. This suggests that MOVE holders are selling their assets after Coinbase’s delisting announcement.

This is a serious blow to Movement Network’s credibility and reputation. The project showed significant potential and even outperformed Bitcoin and Ethereum during the Q1 2025 cycle. It also raised $100 million in VC funding earlier this year, backed by notable investors.

But Coinbase’s decision may not be surprising, considering the recent events and Movement Labs’ actions.

Why Did Coinbase Delist MOVE?

Coinbase is known for boosting certain cryptoassets by listing them, and the reverse also appears to be true. The exchange will suspend all MOVE trading in exactly two weeks, which may have prompted the community to speculate about the real reason.

This question has been answered in a new post by Movement Labs, which announced that a planned airdrop was being delayed.

"From a perspective of someone who's been building on Movement since day one - before mainnet, before the hype, before the community we have today even existed:The recent MM incident and MoveDrop delay are real setbacks. There's no sugarcoating it. But surely they don't define the entire journey," the labs stated.

Specifically, Movement Labs claimed it would investigate an instance of potential fraud in mid-March. A market maker dumped 66 million MOVE tokens, triggering a sharp price drop.

Later, users discovered that Movement Labs was directly or indirectly involved in these dealings. The company allegedly loaned 50% of MOVE’s supply to investment platform Web3Port, which proceeded to dump a large volume of tokens. This was part of a broader scheme to manipulate the market and generate profit at the expense of other investors.

Moreover, Movement Labs announced a delay in the Generation 1 airdrop due to "unforeseen circumstances." This news item further aggravated the community, leading to fears of a repeat of MANTRA’s historic OM crash.

World Liberty Financial, the Trump Family’s investment firm and a Movement Labs (MVT) backer, holds more than 7 million MOVE tokens.