Movement (MOVE), an Ethereum-based layer-2 project, saw its token plummet to an all-time low after Coinbase announced it would stop supporting trading of MOVE on May 15th. This comes after a controversy involving Binance, which had banned a market maker linked to Movement. The MOVE token fell by over 23% within 24 hours, raising concerns among investors.
The Ethereum-based layer-2 project, Movement (MOVE), took a significant hit on Thursday, plunging to an all-time low following an announcement from Coinbase that it would cease support for trading of the token come May 15th. The exchange did not specify exactly why they decided to delist MOVE, but the timing is notable, landing just weeks after the project was caught up in a controversy involving another major player in the crypto space.
Back in late March, Binance took steps to ban and freeze assets belonging to a market maker linked with Movement. This market maker had, allegedly, sold around 66 million MOVE tokens on December 10th without much in the way of buyer interest. Following that, they reportedly netted a whopping $38 million in USDT before being removed from the platform just last week.
Movement is built using the Move programming language, which was developed by a consortium led by tech giant Meta for the now-defunct Diem project. The language has also been instrumental in creating layer-1 blockchains like Sui (SUI) and Aptos (APT). The messy situation has undoubtedly affected investor confidence, leading to the sharp drop in MOVE’s value.
On Thursday, the MOVE token reached a record low price of $0.185 at one point and is currently trading around $0.189, representing a decline of more than 23% in just 24 hours. In the grand scheme of things, the token now sits at the 160th position based on market capitalisation, with investors understandably jittery over its future.
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