The Movement (MOVE) cryptocurrency has encountered significant issues following a recent scandal, resulting in a substantial price drop and the temporary suspension of one of its co-founders.
The MOVE Market-Making Scandal
Dating back to January 2025, Movement Labs secured a $100 million ‘Series B’ funding round, leading to a significant increase in the value of its token MOVE. However, the company has been accused of a market-making scheme that resulted in the control of 66 million MOVE tokens. Reports reveal that internal contracts show Rentech, a firm with no digital footprint, appearing on both sides of the deal, raising questions about self-dealing. Experts have noted that this could possibly be 'the worst agreement' they have ever seen.
MOVE Coin Price Drops Below $0.20
The price of MOVE coin has dropped approximately 16% over the past week amid ongoing volatility in the project's fundamentals. The market cap has fallen to $492.57 million, and the price now sits at $0.1970, an 86.39% drop from the all-time high (ATH) of $1.45.
Outlook and Predictions for MOVE Holders
If the bulls regain momentum, the MOVE coin could retest its immediate resistance level of $0.22. Should bullish sentiment intensify, this may push the altcoin toward its upper target price of $0.24 in the near future. Conversely, if bears maintain control, this could lead the altcoin to drop toward its immediate support level of $0.18. Furthermore, intensified bearish sentiment amid the ongoing controversy could plunge the coin toward a new all-time low (ATL) this month.
The situation surrounding the MOVE token remains tense, and its future will depend on the resolution of current controversies and market dynamics.
