The Movement (MOVE) project, based on Ethereum (ETH) layer-2 technology, experienced a significant drop to an all-time low following Coinbase’s announcement to cease trading support for the asset on May 15th.
Coinbase did not provide a specific reason for the delisting, but the decision came shortly after Movement faced controversy on another major cryptocurrency exchange.
In late March, Binance took action against a market maker associated with Movement, leading to the freezing of assets. The project’s native token was launched on Binance’s Airdrops Portal in December, but the market maker sold a substantial amount of MOVE tokens shortly after listing, resulting in significant profits before being removed from the platform.
Move, the programming language utilized by Movement, was originally developed by a consortium supported by Meta for the now-defunct Diem project. This language was later used to create layer-1 blockchains Sui (SUI) and Aptos (APT).
Following the delisting news, the MOVE token plummeted to an all-time low of $0.185, currently trading at $0.189 with a decline of over 23% in the past 24 hours, ranking 160th by market cap.
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Image Source: Midjourney