MOVE Coin Price Drops Below $0.20 After Market-Making Scandal

In the latest turn of events, the Movement (MOVE) coin project has gained significant attention from the crypto community amid the ongoing controversy.

Movement Labs has suspended one of its co-founders, Rushi Manche, following the backlash over the project’s involvement in a market-making scheme. The decision to suspend Manche comes hours after Coinbase announced the delisting of MOVE coin from its trading platform.

This occurred as part of a broader move by the exchange to remove a batch of 8 cryptocurrencies from its platform. The news of the delisting and the ongoing controversy surrounding the project has led to a decline in the MOVE coin price this week.

About The Ongoing MOVE Coin Market-Making Scandal!

Earlier this year in January, Movement Labs secured a $100 million “Series B” funding round co-led by CoinFund and Nova Fund. Following this, its native token ‘MOVE’ began a significant uptrend in its valuation.

However, the company has been recently accused of a market-making scheme which resulted in the firm’s executives controlling 66 million MOVE tokens. As per the reports, internal contracts show Rentech, a firm with no digital footprint, appearing on both sides of the deal. This raises questions about self-dealing angles.

According to experts, this is “possibly the worst agreement” they had ever seen. While investors are concerned about the future of this project, officials are questioning the credibility of top executives of the firm.

Movement Price Slits Below $0.20!

The MOVE coin price has dropped around 16% over the past seven days. This comes following the ongoing volatility in the project fundamentals. With this, the market cap has dropped to $492.57 million at $0.1970. This is a 86.39% drop from the all-time high (ATH) of $1.45.

If the bulls regain momentum, the MOVE coin could retest its immediate resistance level of $0.22. If the bullish sentiment intensifies, this may result in this altcoin heading toward its upper target price of $0.24 in the upcoming time.

On the contrary, if the bears outrun the bulls, this could result in this altcoin dropping toward its immediate support of $0.18. Furthermore, if the bearish sentiment intensifies amid the ongoing controversy, it could plunge toward a new all-time low (ATL) this month.

Note: This article was written only for research purposes. The Crypto Times does not endorse or promote the above token in any manner, both professional and personally. Make sure to “DYOR” before investing in any digital asset.