MOVE Token Crashes to All time Low as Coinbase Delisting and Market Manipulation Scandal Unfold

The MOVE token, native to the Ethereum-based Movement Network, has taken a dramatic nosedive following Coinbase’s announcement that it will delist the cryptocurrency. The decision, which comes amid a growing controversy over shady market-making practices and internal mismanagement, sent MOVE’s price plunging to a historic low of $0.18 — nearly 84% down from its all-time high of $1.21 in December 2024.

Coinbase Delists MOVE Token Amid Integrity Concerns

On May 1, Coinbase revealed it would be suspending trading for MOVE across all its platforms by May 15, stating that the token no longer meets its listing standards. Prior to full suspension, the exchange shifted MOVE trading into “limit-only” mode — a temporary setting that allows users to place or cancel orders but not execute new trades.

This delisting followed mounting pressure after months of volatility and questionable governance practices within the Movement Network. Investors reacted swiftly, with the token losing over 23% in value almost immediately.

Movement Labs Under Scrutiny as Scandal Unravels

The controversy runs deeper than just a delisting. On May 2, Movement Labs suspended co-founder Rushi Manche amid an ongoing internal investigation into suspicious market-making activity. The move came after Binance froze funds tied to an anonymous market maker accused of dumping massive amounts of MOVE tokens in December.

According to a report by CoinDesk, the unnamed entity was Web3Port — a firm allegedly working both ends of the deal through a shadowy player named Rentech. This dual involvement allowed Rentech to gain access to 66 million MOVE tokens, which it then offloaded, tanking the token’s price and triggering panic within the ecosystem.

In a bid to control the damage, the Movement Network Foundation severed ties with the market maker, launched a $38 million buyback program, and hired third-party blockchain intelligence firm Groom Lake to audit the network’s practices.

Manche Breaks Silence Amid Fallout

Suspended co-founder Rushi Manche spoke out, expressing heartbreak over how far the project had drifted from its original vision. While not denying the missteps, Manche placed blame on “shadow actors” — opportunistic insiders who he claimed manipulated decision-making and prioritized personal financial gain over the network’s success.

“We trusted the wrong advisors, market makers, and administrators going into a bear market,” he said, stressing that he never sold or traded MOVE tokens himself and that all raised funds were dedicated to project growth.

Community Trust Shaken as Promises Go Unfulfilled

Despite Binance’s swift action and the Foundation’s pledge to repurchase the dumped tokens, the repurchase and a promised airdrop have both seen delays. This has only worsened public sentiment, particularly in community forums like Telegram, where many users have labeled the token a “scam.”

While a community manager tried to reassure users by calling the move a “suspension” rather than a permanent delisting, confidence in the project’s future remains shaky.

MOVE Token Price Impact

The repercussions on the token’s price have been severe. After Coinbase’s announcement, MOVE tumbled over 20% to $0.18, briefly stabilizing at $0.20. The market cap has now fallen below $500 million — a dramatic shift from its previous peak. The event highlights how internal issues can derail even the most promising tokens, regardless of broader market strength. In fact, MOVE's price drop happened even as Bitcoin surged to a 70-day high, underscoring the isolated nature of the crisis.

Final Thoughts: Can MOVE Recover?

The MOVE token’s dramatic fall from grace reveals the high stakes of governance in the crypto world. While the Foundation’s efforts to restore order — including the buyback plan and third-party audit — may eventually help stabilize the project, investor trust has been significantly damaged.

Until clearer transparency and accountability measures are put in place — and actually fulfilled — MOVE will likely struggle to regain credibility in a market that is increasingly intolerant of poorly governed projects.