Movement (MOVE) Cryptocurrency Drops 21% to Record Low of $0.185
The native cryptocurrency of the Ethereum layer-2 project Movement, MOVE, dropped to a record low of $0.185, currently trading at approximately $0.19, a 21% decline.
Key events leading to this decline include:
- The suspension of co-founder Rushi Manche by Movement Labs due to involvement in a market-making deal.
- A market maker, Web3Port, dumped 66 million MOVE tokens, about 5% of total supply.
- Coinbase announced it will suspend MOVE trading from May 15 for not meeting listing standards.
- Web3Port liquidated its holdings for $38 million in December 2024.
Binance offboarded a implicated market maker and froze $38 million in profits to compensate affected users. The Movement Network Foundation plans to use these funds for a buyback initiative.
Community sentiment is largely negative, with some declaring MOVE as "useless." However, others remain hopeful about the future of the token despite current challenges.
Market analysis indicates:
- $135 million lost from MOVE's market cap.
- RSI near 31 suggests approaching oversold conditions.
- Potential breakdown below $0.18 could lead to further selling pressure toward $0.12.
- Immediate resistance seen at $0.24, with stronger at $0.30.
MOVE price chart | Source: Trading View
MOVE price chart | Source: Trading View