Catenaa, Thursday, May 08, 2025-Coinbase announced it will suspend trading for the Movement (MOVE) token “on or around” 2 p.m. ET on May 15 across its platforms, including Coinbase.com, Coinbase Exchange, and Coinbase Prime.
The exchange has already placed MOVE’s order books in limit-only mode, allowing users to place and cancel limit orders but prohibiting market orders.
Following the announcement, MOVE’s token price dropped approximately 20%, from $0.25 to $0.20. Despite the decline, the token’s market capitalization remains at $505.9 million.
The suspension follows controversies surrounding the MOVE token. After Movement Network launched its mainnet beta in December 2024, a market maker reportedly sold 66 million MOVE tokens, earning $38 million in profit.
Binance discovered “market maker abnormalities” and delisted the entity involved in the misconduct in March.
In response, Movement Labs severed ties with the market maker and launched a third-party investigation. Additionally, the Movement Foundation created a reserve of 38 million USDT to restore liquidity.
The controversy continued in January when Movement Labs co-founder Rushi Manche faced scrutiny over potential insider trading related to a $2 million purchase of MOVE tokens. Manche took a leave of absence in April.
