Movement (MOVE) Plummets After Top US Crypto Exchange Coinbase Axes Support for the Layer-2 Project

The Ethereum (ETH)-based layer-2 project Movement (MOVE) cratered to an all-time low on Thursday after Coinbase announced it would axe trading support for the asset on May 15th. Coinbase didn’t articulate a specific reason for the delisting, but the decision materialized a few weeks after Movement became embroiled in a controversy on another top crypto exchange. In late March, Binance banned and froze the assets of a market maker that operated for Movement. The layer-2 project’s native token launched via Binance’s Airdrops Portal in December, but Binance said that after MOVE was listed, the unnamed market maker sold approximately 66 million MOVE tokens on December 10th, with few buy orders. The market maker ended up netting a profit of $38 million worth of the stablecoin USDT before being offboarded last week. Movement uses Move, a programming language originally built by a consortium backed by tech giant Meta for the now-defunct Diem project. The language was then used to develop layer-1 blockchains Sui (SUI) and Aptos (APT). The MOVE token hit an all-time low of $0.185 at one point on Thursday. The 160th-ranked crypto asset by market cap is trading at $0.189 at time of writing and is down more than 23% in the past 24 hours.