The Ethereum layer-2 token Movement (MOVE) dropped to an all-time low after Coinbase announced it would suspend trading on May 15, 2025. Following suspicions of manipulation linked to 66 million tokens, Binance removed a market maker involved. The Movement team works to negotiate with Coinbase in light of the controversy.
On Thursday, the native token of the Ethereum layer-2 network known as Movement, or MOVE, faced a drastic decline, hitting an all-time low after Coinbase announced it would suspend trading for the token. This decision is set to take effect on May 15, 2025, with the exchange citing compliance with its asset listing standards as the reason. The official notice was shared on X, formerly known as Twitter, adding urgency to the already tense atmosphere surrounding the token.
As reported by CoinGecko, MOVE’s price plummeted nearly 14% in a single day, landing it at a disheartening $0.2079. This marks MOVE’s lowest figure to date, which is a tough blow considering the token had launched in December to coincide with the mainnet beta of its project. It seems the trading community is not taking this news lightly, as the token’s trajectory takes an unforeseen dive.
Movements from Movement Labs and the Movement Network Foundation remain unclear, as they have yet to release an official comment. Coinbase, on the other hand, was rather terse, stating they had nothing further to add beyond the announcement of the suspension and leaving many questions unanswered.
Compounding these troubles for Movement, a report from CoinDesk indicated that Movement Labs is currently undergoing an internal investigation. There are suspicions of being misled into signing a market-making agreement, which allegedly contributed to the sale of 66 million MOVE tokens that flooded the market. This kind of market activity raises eyebrows, as market makers typically help provide liquidity by placing buy and sell orders, ensuring smoother trades for investors.
The firm at the centre of this issue, Rentech, has denied any wrongdoing, claiming the allegations are unfounded. Intriguingly, Binance, another major exchange, hinted at misconduct in the very same time frame without naming Rentech. In a statement from late March, they disclosed that they had removed a market maker from their platform due to issues relating to the same 66 million MOVE tokens.
Binance revealed that this particular market maker had made off with $38 million before their removal, stating that those profits would be frozen to help compensate affected users moving forward. With a buyback program and a strategy to establish the Movement Strategic Reserve now in the works, the Movement Network Foundation is trying to mitigate the damage caused by this scandal.
Interestingly, MOVE’s price did see a boost back in January when the DeFi platform World Liberty Financial made headlines for purchasing $1.9 million worth of the token, thanks to its affiliations with prominent figures, including members of the Trump family. But as of now, members of the Movement community are voicing their concerns about the scheduled suspension on Coinbase, fearing the implications for the token’s future.
Ali Hosseini, a community manager for Movement, sought to reassure these worried members, suggesting that a suspension doesn’t equate to a total delisting. He mentioned that Movement Labs is in discussions with Coinbase, working to address the situation as best as they can. “No delist […] Only trading will be suspended,” he stressed, indicating that all hope may not be lost just yet. This ongoing saga has certainly left everyone on edge, eager for more clarity on what comes next.
