Coinbase, that fickle debutante of the crypto ballroom, chose to uninvite MOVE from its splendid soirée, sending the token’s price into a tragic 16% nosedive—far more dramatic than most West End tragedies. As for the reasoning, Coinbase kept its mouth shut, delighting the community and rumor-mongers alike, who haven’t been this busy since the invention of the group chat. 🕵️♀️
One cannot help but admire the artistry: whispers suggest Movement Labs danced intimately with a market maker who, in a feat of questionable generosity, “shared” 66 million MOVE tokens with the open market. Amid such Cartier-level dramatics, it’s little wonder the exchange lost faith—especially when combined with that rather fashionable delay in actually giving tokens to its disciples.
Why Did Coinbase Delist MOVE?
If you believed Coinbase could turn water into DeFi wine by listing tokens, consider this your sober return to reality. The venerable exchange has decided that all MOVE trading will exit stage left in two weeks, and the token obediently fainted on its own fainting couch.
In the aftermath, with the panic of a Victorian governess at a scandalous novel, MOVE trading volumes doubled with a 130% flourish. It appears everyone is eager to exit—no one wants to be the last guest at a party after the liquor runs out.
For Movement Network’s reputation: consider it a silk handkerchief, now in need of laundering. Previously, MOVE had dazzled the markets and even outperformed Bitcoin and Ethereum, easily outshining them like a peacock challenging a tortoise and a very confused cat. They managed to attract $100 million from venture capitalists who—judging by recent events—will be scheduling some very spirited PowerPoint presentations.
Yet, one must concede that even the most patient hosts tire of guests who fail to deliver. Today Movement Labs delayed a much-anticipated airdrop, unleashing the kind of outrage usually reserved for late trains and cold soup. This may well have been Coinbase’s final straw, heel, or maybe broken monocle.
As someone who began this grand experiment when Movement was but a twinkle in the blockchain’s eye—before the mainnet, before the crowd, back when optimism was still legal—the recent unseemly market maker exit and airdrop delay sting quite a bit. There is no getting around it, unless one has an unusually large rug. But with any luck, these hiccups are but footnotes…
— Mosaic (@mosaicagg) May 1, 2025
Reputational wounds deepened in mid-March, when the project promised to investigate a suspected fraud after a market maker unleashed 66 million MOVE tokens on the world with the flair of a nouveau riche at an auction. It’s now alleged Movement Labs gave away half its treasures to Web3Port, which—surprise!—dumped the goods for cash.
With these shenanigans stacking up, some now fear a sequel to MANTRA’s infamous OM crash—because in crypto, as in Wilde’s plays, tragedy always attracts a crowd. The plot thickens, as the Trump Family’s World Liberty Financial (not a character in a farce, I promise) is a prominent MOVE backer, clutching 7 million tokens and, presumably, an industrial-sized bottle of aspirin.
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2025-05-01 22:13