Circuits of Value (COVAL) has experienced a significant downturn in its value, triggered by the decision of the Coinbase cryptocurrency exchange to halt trading for this particular asset.
COVAL has witnessed a sharp decline of 41% within the last 24 hours and is currently being traded at $0.01 as of the current time. The market capitalization of COVAL stands at $18.4 million, positioning it as the 892nd largest cryptocurrency in the market. Notably, COVAL's daily trading volume has surged by a substantial 2,760%, now totaling $6.75 million.
COVAL, the native token of the Circuits of Value ecosystem, is associated with an asset management platform and an exchange. It was initially introduced on the Ethereum blockchain in the early stages of 2015.
The recent dip in COVAL's price has brought its value down by a staggering 99.99% from its peak of $133.01 recorded back in January 2022.
Following allegations from users suggesting that Coinbase intends to discontinue support for COVAL through a recent notice, dissatisfaction has emerged regarding the exchange's abrupt decision to delist COVAL within a very short timeframe.
Notably, Coinbase has not responded to immediate requests for comments on this specific matter from crypto.news.
One individual, identified as Satoshi kakaroto, has accused the COVAL team of engaging in price manipulation activities regarding the token.
Allegations surfaced on March 3, indicating that three developers linked to Circuits of Value had executed a substantial drain on the token's supply, labeling the initiative as a 'Pump & Dump' scheme.
Data furnished by Santiment reveals a notable surge in the number of active exchange deposits related to COVAL, escalating from zero to 29 over the previous 24 hours.
Furthermore, the count of active exchange withdrawals associated with COVAL has risen from seven to 59 within the same timeframe. These movements indicate that investors are actively seeking to exchange or withdraw their COVAL holdings in response to the Coinbase delisting.
