Crypto exchange Coinbase has announced the suspension of trading for the Movement Network token (MOVE), the native cryptocurrency of the Movement layer-2 blockchain protocol, developed by Movement Labs, effective May 15. The decision was shared in a May 1 post, with Coinbase citing the token’s failure to meet its listing standards. The price of the MOVE token also declined by approximately 14.5% in the last 24 hours. Coinbase specified the details of the suspension in an announcement: “Trading for MOVE will be suspended on Coinbase, Simple and Advanced Trade, Coinbase Exchange, and Coinbase Prime. We have moved our MOVE order books to limit-only mode. Limit orders can be placed and canceled, and matches may occur.” The suspension follows a third-party review by the Movement Network Foundation into an agreement allegedly signed by Movement Labs and a market-making firm, which is said to be behind the downfall of the MOVE token price in December 2024. A Movement Network Foundation spokesperson confirmed that the investigation is ongoing and being conducted by Groom Lake, an independent cybersecurity and intelligence firm. The ongoing investigation has cast a cloud over the MOVE token’s price. The details of the ongoing investigation, reported on April 30, revealed an agreement between Movement Labs and Web3Port, a market maker to help distribute the Move token at launch. Rentech, a company involved in brokering the agreement, reportedly had control of over 66 million MOVE tokens that were sold-off after the token launch, triggering $38 million in downward price pressure. The MOVE token has been in a downtrend since early January 2025 and is trading at around $0.20 currently. This development highlights the challenges faced by cryptocurrencies in the market.