MOVE Token Falls 16% as Coinbase Prepares to Delist It

The price of Movement Network’s token (MOVE) plunged by nearly 16% within an hour after Coinbase revealed plans to suspend trading for the asset starting May 15. Although the platform hasn’t provided a detailed explanation, the move likely stems from the token no longer aligning with Coinbase’s internal listing standards.

In an official update posted on X (formerly Twitter), Coinbase confirmed that it had completed a routine evaluation and determined that MOVE no longer qualifies under the criteria for continued listing. As a result, the token will be removed from both the Simple and Advanced Trading platforms on the specified date.

The exchange also noted that all MOVE order books have now been set to limit-only mode, restricting market activity ahead of the suspension.

Following the announcement, MOVE’s price fell sharply — dropping from a daily high of $0.2534 to around $0.2020 at the time of writing. Interestingly, the token’s 24-hour trading volume surged by 135%, reaching approximately $260 million, as traders reacted swiftly to the news.

While Coinbase hasn’t explicitly outlined the reasoning behind the delisting, some community members have pointed to ongoing controversy surrounding Movement Labs, the team behind MOVE.

In a recent post by MetaverseSG, the project is accused of failing to meet multiple commitments. Movement Labs reportedly raised over $38 million, with backing from Donald Trump’s World Liberty Financial. The project initially promised a significant airdrop, but issues soon emerged.

On December 9, 2024, the token lost 85% of its value on launch day, allegedly due to a middleman dumping 66 million MOVE tokens into the market. Additionally, the team did not fulfill a promised $38 million buyback and postponed the airdrop — disappointing early supporters.

Adding further concern, the reported $100 million funding round has yet to materialize, and the involvement of World Liberty Financial, which holds 7.5 million MOVE tokens, has raised red flags around transparency and ethical governance.

With its credibility under scrutiny and trading support now fading from major platforms, MOVE may face increased pressure as the crypto market continues to prioritize trust and accountability.