Coinbase’s decision to drop support for the Movement (MOVE) cryptocurrency sent its price plummeting to an all-time low. The move, effective May 15th, left many investors scrambling.
Coinbase’s Delisting and the MOVE Price Drop
Coinbase didn’t offer a specific reason for delisting MOVE. However, the decision comes shortly after MOVE faced controversy on another major exchange, Binance. The price of MOVE dropped to a low of $0.185 on Thursday, a significant fall. At the time of writing, it’s trading around $0.189, down over 23% in the last 24 hours.
Binance’s Earlier Action Against a MOVE Market Maker
In late March, Binance banned and froze the assets of a market maker working with MOVE. Binance stated that this market maker sold a massive 66 million MOVE tokens on December 10th, shortly after the token’s launch via Binance’s Airdrops Portal. The market maker reportedly profited around $38 million in USDT before being shut down.
MOVE’s Background and Technology
The MOVE token uses the Move programming language, initially developed by a Meta-backed consortium for the Diem project (which ultimately failed). This same language is also used in other blockchain projects like Sui (SUI) and Aptos (APT).
Disclaimer: This information is for general knowledge and shouldn’t be considered investment advice. Always do your own research before investing in cryptocurrencies.
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