Coinbase dropped a bombshell, announcing plans to suspend MOVE token trading by May 2025. The news triggered an immediate 15% price crash, with the token already down 80% since January. Market manipulation allegations swirl around World Liberty Financial and Rushi Manche, adding fuel to the fire. The token’s current price of $0.224969 marks an 85% plunge from its December high of $1.45. This crypto drama’s just getting started.
Coinbase dropped a bombshell on crypto traders today, announcing plans to suspend all trading of the controversial MOVE token by May 15, 2025. The decision sent shockwaves through the crypto community, with the token’s price immediately plunging 15% on the news. Not exactly the kind of “move” investors were hoping for.
MOVE token’s delisting announcement sends crypto markets into a tailspin, leaving investors scrambling as prices nosedive 15% on Coinbase’s news.
The suspension comes amid serious allegations of market manipulation, with fingers pointing at Rushi Manche and World Liberty Financial – a company with interesting ties to Donald Trump. The drama gets better: recent ETH sell-offs by World Liberty Financial haven’t exactly helped calm anyone’s nerves. Reports indicate that Renaissance Technologies liquidated $38 million worth of MOVE tokens shortly after the token’s exchange debut. Trading volume hit a whopping $374 million before Coinbase dropped its delisting hammer.
Let’s talk numbers, and they’re not pretty. MOVE has taken an absolute beating in 2025, down 80% since January. Currently trading at a measly $0.224969, it’s a far cry from its glory days of $1.45 last December. That’s an 85% nosedive from its peak, for those keeping score at home. The token has crashed 73% below peak of $0.70, marking its worst performance since launch.
Traders aren’t taking this lying down. The market’s been absolutely chaotic, with massive sell-offs becoming the order of the day. Ironically, trading activity remains high – because nothing says “panic” quite like frantically hitting that sell button.
Meanwhile, derivatives traders seem to think there’s still money to be made, with open interest climbing 2.91%.
The ripple effects could be massive. Other exchanges are eyeing the situation nervously, potentially considering their own delistings. That’s bad news for MOVE holders, who might soon find themselves with fewer places to trade their tokens. Liquidity? Going, going, almost gone.
Regulatory vultures are circling too. The token’s failure to meet Coinbase’s listing standards isn’t just embarrassing – it’s a red flag for regulators who’ve been itching to crack down on crypto markets.
And if these market manipulation allegations stick? Well, let’s just say the MOVE token might need to rename itself to STOPPED.
