MOVE is being delisted from Coinbase – Movement falls to an all-time low.

MOVE is delisted from Coinbase – Movement drops to an all-time low

The worries about MOVE have worsened significantly in recent weeks. After the cloud service provider Apex has already ended its support for the blockchain network, now Coinbase has announced that it will stop listing MOVE on its platform. This has led to a massive sell-off of the token on the stock exchanges.

Coinbase delists MOVE

Coinbase, one of the largest and most well-known crypto exchanges in the world, has decided to say goodbye to the MOVE token. The delisting will officially take place on October 6, 2023. This is clear from a communication provided by Coinbase to its users. The official reason for the delisting is that MOVE no longer meets the quality criteria Coinbase requires from blockchain projects.

The news caused a sharp decline in the price of MOVE almost immediately. Within a few hours of the announcement, the value of the token fell to $0.0025.

The problems with Move

Move has been in the market since 2020 and positioned itself at the time as a blockchain solution for secure digital communication. The project initially attracted attention through partnerships with well-known companies from the technology sector. However, the promises of founder and CEO Alex Reynolds have mostly remained unfulfilled so far.

A decisive setback for Move was the decision by Apex in July to no longer provide their data centers for use. Apex represented a core component in the Move network’s concept since it was supposed to ensure affordable scalability and stability. Instead, Move had to switch parts of its infrastructure to other providers, which significantly increased costs and reduced the efficiency of the network.

The future of Move

Already before the delisting by Coinbase, there were voices that Move is in dire straits. Several team members left the project in recent months, and the developer community has also shrunk considerably. Furthermore, the planned implementation of critical upgrades has been repeatedly postponed, which points to internal difficulties.

Some analysts already see a similar scenario as with other failed crypto projects: the gradual disappearance from the market. For other crypto exchanges, the delisting by Coinbase is often the first step before they also withdraw support for a token. If Move does not manage to deliver tangible successes in the foreseeable future, it could soon become a thing of the past.

It remains to be seen how Move plans to counteract the current situation and stabilize the project. For the time being, things look bad for the future of the project and the token.