Coinbase Discontinues Support for Layer-2 Project MOVE, Causing Significant Decline
Crypto Crash Central: Movement MOVE Plummets Following Coinbase Delisting
Quite the week for some crypto enthusiasts, eh? Let's talk about Movement's MOVE token. It took a nose dive on Thursday after Coinbase axed trading support for the asset, effective May 15th. No specific reason was provided by Coinbase, but the decision came shortly after Movement found itself in a bit of a mess separate from the exchange.
Remember the controversy involving Binance and a market maker? Late March, Binance froze the assets and banned this mystery market maker who had operated for MOVE. The sordid tale began when the market maker sold approximately 66 million MOVE tokens on December 10th, raking in a cool $38 million in stablecoin USDT with minimal buy orders.
Movement, created using Move programming language, has connections to tech juggernaut Meta's defunct Diem project. The language was later used to develop layer-1 blockchains Sui (SUI) and Aptos (APT).
MOVE hit an all-time low of $0.185 on Thursday, plummeting further to $0.15 by Friday. The crypto asset plunged more than 23% in the past 24 hours, making it the 160th-ranked crypto by market cap.
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- Following the delisting of Movement's MOVE token by Coinbase, cryptocurrency enthusiasts are closely watching the altcoin's movement in the market.
- The recent plunge of MOVE token, created using the Move programming language, has raised concerns among investors, with the asset dropping to as low as $0.15 on Friday, marking a 23% decrease in the past 24 hours.
- Despite the recent drop, the industry is paying attention to Ethereum's competitor, Movement, which has connections to tech giant Meta's defunct Diem project and has been used to develop layer-1 blockchains Sui (SUI) and Aptos (APT).
- As the future of finance continues to evolve, investors are advised to stay informed about industry updates, including crypto market highlights, blockchain developments, and regulatory announcements, and should invest at their own risk. (Disclaimer)
