Tag: exclusion

• Coinbase has announced that it will eliminate Move from the list in the midst of a controversy over the USD tokens overturn 38 million.
• The price of Move has reached a historical minimum, 84% less than the maximum of December 2024.
• The co -founder of Movevent Labs, Rushi Manche, has been suspended in the midst of a governance and audit investigation.

The Token Move of the Movement Network, based on Ethereum, has collapsed at unprecedented depths after the announcement of coinbase of its imminent exclusion from the list on May 15, 2025.

Following the accusations about a tokens dump of USD 38 million and questionable market creation agreements, the Exchange has put Move in a limit mode before deciding that it no longer complied with its contribution criteria.

The market creation scandal

Coinbase’s decision to suspend all new operations occurred after internal documents revealed that Movement Labs had signed a market creation agreement that granted undue influence to an external intermediary.

The agreement, which links Web3port and a dark company called Rentech, allegedly granted Rentoch the right to get rid of significant amounts of Move once the totally diluted assessment of the Token reached the USD 5 billion.

Shortly after Move made his debut in the stock market, Rentech executed a rapid mass sale that triggered a precipitate of price collapse, eroding the confidence of investors in a matter of hours.

Movement Labs responded by establishing a 38 million USD reserve fund to repurchase the downloaded tokens, but critics have indicated that to date tangible actions of repurchase have not been materialized.

Binance further intensified the crisis by freezing funds linked to the same market creator, which aggravated concerns about the governance and transparency of the project.

In the midst of these events, Movement Labs suspended co -founder Rushi Manche on May 2, while an independent review directed by the intelligence firm Groom Lake is still ongoing.

Manche has publicly distanced himself from the tokens dump, stating that the bad actors manipulated the agreements between racks and rejecting any personnel in sales outside the market.

Despite these guarantees, the sudden leadership agitation only deepened the aura of uncertainty surrounding the strategic direction of Move and the governance reforms.

The Token Move hits hard

After the notice of only coinbase limit of May 1 and the formal announcement of exclusion of the list, the price of Move collapsed more than 20% to a historical minimum near USD 0.18, before rebounding at USD 0.1985 at the end of this edition

Source: Coinmarketcap

The Token lies more than 86% below its maximum of December 2024 of $ 1.45, which illustrates how the specific turbulence of the project can eclipse the broader rebounds in the market.

At the close of this edition, Move market capitalization was approximately USD 496.27 million, with an amazing increase of 398.04% in the volume of 24-hour operations and a volume-capitalization ratio of market greater than 116.66%.

The circulating supply of the Token of 2.5 billion Move and a total limit of 10 billion have drawn attention to the possible vulnerabilities of sale pressure in the middle of a low liquidity.

The technical indicators offer little respite, since both the relative force index (RSI) and the divergence of convergence of the mobile average (MACD) continue their descent without pointing out any bullish divergence or imminent reversion.

In Elliott waves, Move seems to be on the fifth extended wave of its bearish cycle, which suggests that more falls could be achieved if the extension target of 1.61 of USD 0.136 is met.

The feeling of the community has been markedly grated, with the discussions of Telegram oscillating between relief to avoid more losses and direct accusations of another cryptocurrency fraud.

A spokesman for the Movement Network Foundation emphasized that the suspension was not permanent and that conversations with Coinbase are ongoing, with the aim of restoring trade if the standards are met.

However, the delay of Movedropp’s fiance air launch and the absence of a specific schedule for the deployment of the strategic reserve have left many skeptical tokens holders.

With an approximate number of 33,850 holders and a totally diluted assessment that continues to be around 1,980 million dollars, interested parties face a hard uphill battle to recover confidence.

As Movement Labs navigates through governance audits, repurchase promises and the possible restoration in the main exchanges, Move’s future depends on transparent accountability and a tangible remediation.

Just addressing the structural failures exposed by the market creation scandal and complying with recovery commitments, Movement can expect to save the credibility and value of your token.