Ah, dear reader, the tale of MOVE price is one that would make even the most stoic of souls raise an eyebrow. In the past week, it has plummeted by a staggering 28%, now teetering precariously at a mere 4% above its all-time low. This unfortunate descent is amidst a rather scandalous third-party investigation into the dubious activities of market makers on Binance. One can only imagine the whispers in the corridors of power! ๐ต๏ธโโ๏ธ
Movement Labs, the proud parent of the MOVE token, has embarked on a quest for truth, launching an investigation into the alleged misconduct of market makers. This follows the shocking revelation that an undisclosed market maker had unceremoniously dumped 66 million MOVE tokens shortly after their grand debut, all while placing the most meager of buy-side orders. In a fit of righteous indignation, Binance has since delisted this rogue market maker and frozen millions in suspected profits, perhaps to soothe the ruffled feathers of affected users. ๐ฆข๐ธ
In a conversation with Blockworks, a spokesperson from Movement Labs, with a tone of utmost seriousness, proclaimed:
โThe Movement Network Foundation is conducting a third-party review following recent market maker abnormalities โ a standard best practice to ensure full transparency and accountability. It would be inappropriate to speculate on the outcome of the review or any actions that may or may not result. Operations continue normally as the review is conducted.โ
Yet, the identity of the market maker remains shrouded in mystery. The intrepid on-chain investigator ZachXBT has hinted that this entity may be linked to Web3Port. A review by Blockworks has also noted that Web3Port has been rather chatty with Movement Labs on social media in recent months. Oh, the intrigue! ๐ฑ๐ค
On March 24, the Movement Network Foundation was alerted by Binance to the irregularities surrounding the MOVE token. Curiously, the very next day, MOVE experienced a surge, climbing from an opening price of $0.421470 to a closing price of $0.553776 on March 25. This was marked by a bullish marubozu candle that broke above both the 20-day EMA and 50-day SMA on the daily chart. But alas, this was but a fleeting moment of joy, as MOVE soon succumbed to a sharp downtrend, crashing to an all-time low of $0.2301 on April 17, before a modest rebound to around $0.24021 at the time of this writing. Such is the fickle nature of fortune! ๐๐
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2025-04-18 14:46