Coinbase Delists MOVE Token, Price Crashes 23%

The MOVE token, native to the Movement Network, saw a historic crash after Coinbase announced it would delist it from its platform.

Coinbase is planning to delist the MOVE token from its platform on May 15 at approximately 2 PM ET, the exchange announced.

The listing will be suspended for trading and users will have until 1 PM ET to cancel any pending orders. After the listing is suspended, users can withdraw their MOVE tokens until May 31, while Coinbase will continue to process any remaining MOVE trades.

The exchange said that the decision follows a routine listing standards review. It added that the order book has been in limit-only mode since May 1, enabling users to place or cancel orders without executing any new trades.

“We regularly monitor the assets on our exchange to ensure that they meet our listing standards. Based on recent reviews, we will be suspending trading for Movement (MOVE) on Monday, May 15, at approximately 2 PM ET,” Coinbase stated.

The move comes as the MOVE token has seen a historic crash. As a result of the downturn, the token is now trading 84% below its December 2024 all-time high and has lost more than 50% in the past month alone.

This development has also sparked concerns among retail investors who were hoping for a swift recovery of the token after previous market downturns. However, some analysts are now seeing this situation as a potential long-term buying opportunity, especially if the project manages to recover.

“This could be a great buying opportunity for those who missed out on the token's gains during its bull run. However, it's important to note that the project faces a critical stage in its journey, and its ability to overcome this challenge will determine whether it can rise again as a crypto resilience story,” the analyst noted.

Internal Crisis And Recovery Measures

Earlier this week, Movement Labs announced the suspension of its co-founder Rushi Manche as it investigates suspicious market manipulation activities that triggered a massive token dump.

This follows an earlier move by Binance to freeze funds linked to an unnamed market maker, which is being reported as Web3Port, that dumped 66 million MOVE tokens in December with the help of the firm Rentech.

In response, Movement has ended its relationship with the market maker and launched a $38 million buyback program to create a strategic reserve that will be used to support the ecosystem's stability. The initiative has been praised by some crypto advocates as a desperate but necessary step to restore community confidence.

External Audit And MOVE’s Future

To further strengthen transparency, Movement has hired the Web3 intelligence firm "Groom Lake" to conduct an independent audit and promised to adopt new governance measures based on the findings.

Manche, who was suspended from his post as co-founder, has also spoken out, stating that all decisions were made with leadership approval and blaming "shadow actors" for manipulating the process.

He also clarified that he never personally sold MOVE tokens or conducted any over-the-counter (OTC) trades, and that all funds raised were used solely for the project's development.

"No personal net worth gains were realized through any crypto endeavors, and my service to the project was and remains pro-bono," Manche added in his statement.

From a pro-crypto perspective, this case underscores the crucial need for stronger governance and transparency, which are pivotal for emerging projects to persevere through crises and fortify their standing in an increasingly mature cryptocurrency ecosystem. Only time will reveal whether Movement can rise again as a tale of crypto resilience.