Move Coin Incident: How Pump And Dump Destroyed A $100 Million Project

In the latest development, the cryptocurrency project Movement (MOVE) has garnered significant attention from the cryptocurrency community amid ongoing controversies. Subsequently, Movement Labs suspended Rushi Manche, one of the co-founders of Movement Network, due to the ongoing market-making scandal. According to reports, the decision was made hours after Coinbase announced the delisting of MOVE from its trading platform. With this move, the altcoin has experienced a sharp decline this week. Are you one of the many holders who have found themselves in a FOMO situation when considering the prevailing market sentiment? In this article, we will explore the controversial aspect and predict the potential price volatility that may occur this month. About the scandal of creating the MOVE Coin market that is currently happening! Back in January 2025, Movement Labs secured a "Series B" funding round worth 100 million dollars led by CoinFund and Nova Fund. This resulted in the company's native token "MOVE" experiencing a significant increase in valuation. However, the company has recently been accused of a market-making scheme that led to the control of 66 million MOVE tokens. According to the report, internal contracts show that Rentech, a company with no digital footprint, appears on both sides of the agreement. This raises questions about the aspect of self-dealing. According to the report, experts emphasize that this could be the "worst deal" they have ever seen. While investors are worried about the future of this project, officials are questioning the credibility of the company's senior executives. The MOVE price has dropped below $0.20! The price of MOVE has decreased by about 16% in the past seven days. This follows the ongoing volatility in the project's fundamentals. As a result, the market capitalization has fallen to $492.57 million at a price of $0.1970, down 86.39% from the all-time high of (ATH) at $1.45.

If the bulls regain momentum, the MOVE coin could test the immediate resistance level of $0.22. If the bullish sentiment is stronger, this could drive the altcoin towards a higher target price of $0.24 in the near future. On the contrary, if the bears prevail over the bulls, this could cause the altcoin to drop to an immediate support level of $0.18. Furthermore, if bearish sentiment increases amidst the ongoing controversy, it could plummet to a new all-time low (ATL) this month.