The Rise and Fall of MOVE Token: A Deep Dive into Movement Network’s Troubles
The native token of the Ethereum-based Movement Network, MOVE, recently suffered a significant blow as Coinbase announced its delisting due to concerns over questionable market-making activities. This decision by the US crypto exchange sent MOVE’s price plummeting to an all-time low of $0.18, marking a 50% decline in the past month and an 84% drop from its peak in December 2024.
Coinbase’s move came as a shock to many investors, with the exchange citing MOVE’s failure to meet its listing standards as the reason for the suspension of trading across its platforms by May 15. Prior to the delisting, Coinbase put MOVE order books in limit-only mode, allowing users to adjust their orders without executing new trades.
Internal Turmoil at Movement Network
Adding to the project’s woes, Movement Labs suspended co-founder Rushi Manche amid an investigation into suspicious market-making activities that led to a token dump. The firm confirmed that internal investigations are ongoing and that steps are being taken to address the situation.
The controversy surrounding MOVE escalated when Binance froze funds linked to an unnamed market maker responsible for offloading a large amount of MOVE tokens in December. In response, the Movement Network Foundation severed ties with the market maker and initiated a $38 million buyback program to establish the Movement Strategic Reserve.
A recent report by CoinDesk identified Web3Port as the market maker behind the token distribution, with Rentech acting as an intermediary that sold the tokens, contributing to the price drop. Movement Labs has engaged Web3 intelligence firm Groom Lake to conduct a third-party review and implement governance measures based on the findings.
Rushi Manche Breaks Silence
In the midst of the controversy, suspended co-founder Rushi Manche spoke out, expressing disappointment with the current state of the Movement Network. He acknowledged mistakes were made but claimed that decisions regarding market makers were approved by the foundation’s leadership.
Manche pointed fingers at shadow actors who influenced decisions, managed funds, negotiated deals, and hired personnel, ultimately leading to the network’s downfall. Despite the challenges, he emphasized that funds raised were used to support Movement’s growth and that he never personally engaged in selling or trading MOVE tokens.
As Movement Network navigates through this turbulent period, the community awaits further developments and hopes for a resolution that will restore trust and confidence in the project.