Movement (MOVE) Labs suspends Rushi Manche amid ongoing market-making scandal

In the latest development, the cryptocurrency project Movement (MOVE) has garnered significant attention from the cryptocurrency community amid the ongoing controversy.

Cryptocurrency project Movement (MOVE) has been a topic of discussion in the crypto community amid the ongoing controversy. Following this, Movement Labs has suspended Rushi Manche, one of the co-founders of Movement Network.

This comes after Coinbase delisted the MOVE token from its trading platform. This pushed the altcoin down sharply this week.

Are you one of the many holders who are FOMOing into the project? In this article, we will highlight the controversial aspect and predict potential price movements that could occur this month.

About the ongoing MOVE Coin market-making scandal!

Back in January, Movement Labs secured a $100 million Series B funding round led by CoinFund and Nova Fund. This pushed the company’s native token ‘MOVE’ to new highs.

However, the company has been accused of a market-making scheme to control 66 million MOVE tokens. According to reports, internal documents show Rentech—a company with no digital footprint—on both sides of the deal.

This brings up the aspect of self-dealing. Experts add that this could be the “worst deal” they have ever seen.

While investors are worried about the project’s future, officials are questioning the credibility of the company’s senior executives.

MOVE price falls below $0.20!

The price of MOVE has decreased by about 16% over the past seven days. This follows ongoing volatility in the project's fundamentals.

With this, the market capitalization has dropped to $492.57 million at a price of $0.1970, a decrease of 86.39% from its all-time high (ATH) of $1.45.

If the bulls regain momentum, the MOVE token may retest the immediate resistance level of $0.22. If bullish sentiment strengthens, this could steer the altcoin towards a higher price target of $0.24 in the near future.

Conversely, if the bears prevail over the bulls, this could push the altcoin down to an immediate support level of $0.18. Furthermore, if pessimism increases amidst the ongoing controversy, it could plummet to a new all-time low (ATL) this month.