MOVE Token Crashes to All-Time Low After Market Maker Scandal

​The MOVE token, associated with the Movement Network, has experienced a significant decline in its market value, reaching an all-time low following revelations of market manipulation by a third-party market maker.​

In December 2024, MOVE was launched with substantial backing, including a major airdrop and listings on prominent exchanges like Binance and Upbit. The token’s debut saw a market capitalization exceeding $1.6 billion, with trading volumes reaching $450 million within the first 90 minutes . However, the token’s price has since experienced a sharp decline, attributed to the actions of an undisclosed market maker.​

Binance identified that the market maker sold approximately 66 million MOVE tokens shortly after the token’s listing, placing minimal buy orders, which led to a net profit of $38 million. This behavior contravened Binance’s rules against one-sided market making . In response, Binance delisted the market maker and froze the proceeds to compensate affected users.​

Movement Labs has initiated a third-party investigation into the matter to ensure transparency and accountability. The Movement Network Foundation plans to utilize the recovered funds for a strategic buyback program to stabilize the token’s value and restore user confidence .​

As of the latest reports, MOVE is trading at approximately $0.24, marking a significant decrease from its previous highs. The community and investors are awaiting further developments from the ongoing investigation and the implementation of the buyback strategy.