MOVE plunged to a historic low of $0.185 after co-founder Rushi Manche was suspended amid a market-making controversy.
By Parth Dubey
Editor Hamza Tariq
Updated
3 mins read
Ethereum layer-2 project Movement’s native cryptocurrency, MOVE, nosedived to a record low of $0.185 today. At the time of writing, the token is trading around $0.19, down by 21%, following a series of controversies.
The price drop follows the suspension of the project’s co-founder Rushi Manche by Movement Labs. This disciplinary action comes after a market-making deal involving Rentech and Web3Port, a market maker that dumped 66 million MOVE tokens on the open market, roughly 5% of the total supply.
We confirm that Rushi Manche has been suspended from Movement Labs. This decision was made in light of ongoing events and as the third-party review is still being conducted by Groom Lake regarding organizational governance and recent incidents involving a market maker.
— Movement (@movementlabsxyz) May 2, 2025
Movement Labs revealed the suspension in a May 2 post on X. This move followed Coinbase’s announcement that it will suspend trading of MOVE from May 15, citing its failure to meet listing standards.
This controversy started with an agreement brokered by Manche and Rentech, who granted Web3Port major control of MOVE tokens. Shortly after, Web3Port reportedly liquidated its holdings for a staggering $38 million in December 2024.
Meanwhile, Binance recently announced that it had offboarded a market maker involved in misconduct. While it did not explicitly name Rentech, the description closely matched the MOVE token dump incident.
Binance noted that the unnamed firm sold tokens aggressively while placing minimal buy orders, profiting $38 million before being banned from the platform. The exchange added that those funds have been frozen and will be redirected to compensate affected users.
The Movement Network Foundation plans to use the seized profits to launch a buyback initiative and create a strategic reserve. Still, investor confidence appears shaken.
One community member wrote, “MOVE is now a useless coin.” Others were slightly more optimistic, pointing out that a suspension isn’t a permanent delisting.
Movement @movementlabsxyz scammed its community and loyalty investors
The teams keep selling the token until the whole coin is nothing to write home about. I'm not surprised about coinbase announcement. Other exchanges will soon follow.
Move is now useless coin pic.twitter.com/k9XsFm9b0v
— Omonuwa_Web3 (Ø,G) 🧡👀 (@Omonuwa67) May 1, 2025
MOVE initially gained momentum in January when Donald Trump-backed World Liberty Financial purchased $1.9 million worth of tokens.
The ongoing MOVE price drop has resulted in the loss of $135 million from the token’s market cap. On the daily chart, the RSI sits near 31, approaching oversold territory. This suggests that sellers could soon exhaust themselves, but no clear reversal has formed yet.
MOVE price chart | Source: Trading View
Bollinger Bands show price hugging the lower band, a sign of volatility and downward continuation. A breakdown below $0.18 could trigger further panic selling toward the $0.12 zone.
Meanwhile, the MACD line has crossed above the signal line, which could hint at a short-term bullish divergence, but this signal is weak given the broader downtrend. Traders could see immediate resistance at $0.24, with stronger pressure near $0.30.
MOVE price chart | Source: Trading View
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
A crypto journalist with over 5 years of experience in the industry, Parth has worked with major media outlets in the crypto and finance world, gathering experience and expertise in the space after surviving bear and bull markets over the years. Parth is also an author of 4 self-published books.
