- Buy Crypto
- Markets
Futures- Spot
- Copy Trade
- Earn
- More
MOVE Coin Faces Rapid Decline Despite Prominent Backing
By: cointurk|2025/05/16 01:15:05
0
Share
A significant number of altcoins survive only a single cycle, with some vanishing in an even shorter time span. Despite being a newly launched project and receiving support from well-known figures, MOVE Coin experienced a swift demise. The price consistently dropped, and there are contentious reasons for the losses encountered. Mystery Behind MOVE Coin’s Fall MOVE Coin, supported by Donald Trump’s World Liberty Financial, came into the spotlight with serious allegations. The distribution of tokens in the background fueled the discussions. Movement Labs allocated a large portion of the MOVE supply to a few advisors before the official launch, and this was kept secret. When a significant portion of supply is covertly distributed to unknown individuals, one cannot expect the crypto venture to sustain itself. That was the case here, and MOVE Coin investors justifiably made swift sales to withdraw from the project. According to documents examined by Coindesk, the company promised a single advisor $2 million annually. Shadow advisors, secret token allocations, and the decisions made by a young 23-year-old founder led to the adversity faced by the WLFI-backed token. Documents reveal that Movement Labs’ advisors Sam Thapaliya and Vinit Parekh received 5% and 2.5% shares of the tokens, respectively. Co-founders Rushi Manche and Cooper Scanlon parted ways after public disputes on social media. All these factors made it difficult for MOVE Coin to survive in the long run. Distribution of MOVE Coin Supply The supply was distributed as follows according to the available documents, with shadow advisors kept undisclosed: 5% of MOVE supply to Sam Thapaliya for marketing and market-making activities. 2.5% of tokens through various agreements to Sam. 2.5% of the supply to “Digital Incubation Group” linked to Vinit Parekh. A condition to pay Parekh’s company $50,000 annually for every $1 million funds raised by Movement Labs. 5% of the supply to Chinese market maker Web3Port. These allocations were made. Coinbase announced the suspension of MOVE token transactions as of May 15, and following all these developments, expectations regarding the token’s future have been significantly undermined. The altcoin , which has been in decline for 157 days, eroded 86% and, after hitting a low of $0.15, is now hovering around $0.20.
You may also like
Deconstructing the Public Chain Pharos Capital Game: Is a $950 million valuation supported by assets like photovoltaics just a shell transaction under layers of betting?
When a physical industry company injects physical assets into a Layer 1 project, it can easily create a valuation of 950 million dollars by calculating several times the value of the physical assets. Is this kind of capital game too outrageous? Does the crypto market really need such RWAs?
a16z: AI is making everyone 10x more productive, but the true winner has yet to emerge
Institutional AI and Retail AI "Better Integration" is an Inevitable Trend.
Why did the star Web3 project Across Protocol choose to abandon DAO?
The proposal for Across to privatize itself is a rare move, but it comes at a time when the industry is beginning to recognize that DAOs are a difficult organizational structure to operate.
In fact, ETH scaling is a major benefit for L2
ETH has finally admitted defeat—its Rollup-centric roadmap is unworkable, while the monolithic scaling solutions adopted by blockchains like Solana have proven to be correct.
Memories: 10 Key Contributions of the TON Core Team That Few People Knew in the Early Days
Every line of code, every tool we build, every sleepless night spent maintaining the network—these efforts have laid the foundation for TON's development today.
2025 South Korea CEX Listing Post-Mortem: Investing in New Coins = 70% Loss?
The 2025 South Korean exchange's new token listing performance is structurally similar to Binance's, with no significant differences.
BIP-360 Analysis: Bitcoin's First Step Towards Quantum Immunity, But Why Only the "First Step"?
This article explains how BIP-360 reshapes Bitcoin's quantum defense strategy, analyzes its enhancements, and discusses why it has not yet achieved full post-quantum security.
50 million USDT exchanged for 35,000 USD AAVE: How did the disaster happen? Who should we blame?
Due to a fatal flaw in the transaction path, a $50 million DeFi operation was executed with almost zero protection, resulting in nearly the entire amount of funds evaporating in a tiny liquidity pool.
The Cryptographic Past of the Middle East
Reality is often more exciting than fiction.
Resolving the Intergenerational Prisoner's Dilemma: The Inevitable Path of Nomadic Capital Bitcoin
When the baby boomer generation collectively sells off, who will become the "greater fool" in the next round of asset crashes?
Who Will Control AI? Why Decentralized AI May Be the Only Alternative to Government and Big Tech
AI has become critical infrastructure, and governments and corporations are competing to control it. Centralized development and regulation are entrenching existing power structures. The Web3 community is building a decentralized alternative — distributed compute, token incentives, and community governance — before that window closes.
Vitalik wrote a proposal teaching you how to secretly use AI large models
Vitalik believes that in the AI era, users should not have to give up their identity to use an AI tool.
On the eve of the explosion of on-chain options
Options are becoming a new anchor in the cryptocurrency market.
WEEX AI Hackathon: How Did This AI Trading Winner Succeed?
A self-taught AI trading enthusiast achieved top-10 results at the WEEX AI Hackathon. Learn about the mindset, AI tools, and lessons behind this impressive performance.
One Balance to Rule Them All: Gravitas' On-Chain Prime Broker Ambition
Forty years ago, a technological revolution broke the isolation of information, reshaping Wall Street. Forty years later, Grvt aims to break the isolation of capital with an on-chain prime brokerage model.
That person who cashed out at the NFT peak is now selling a new shovel in the OpenClaw craze
A skilled person never picks the table, they eat meat with every bite.
Inter-generational Prisoner's Dilemma Resolution: The Nomadic Capital and Bitcoin's Inevitable Path
When the Baby Boomer generation collectively sells off, who will be the "bag holder" in the next asset crash?
Upstream and downstream are starting to fight, all for the sake of everyone being able to "Lobster"
「Lobster」 may not be a mature product yet, but it has already ushered in a new era of 「AI Assistants」.
Deconstructing the Public Chain Pharos Capital Game: Is a $950 million valuation supported by assets like photovoltaics just a shell transaction under layers of betting?
When a physical industry company injects physical assets into a Layer 1 project, it can easily create a valuation of 950 million dollars by calculating several times the value of the physical assets. Is this kind of capital game too outrageous? Does the crypto market really need such RWAs?
a16z: AI is making everyone 10x more productive, but the true winner has yet to emerge
Institutional AI and Retail AI "Better Integration" is an Inevitable Trend.
Why did the star Web3 project Across Protocol choose to abandon DAO?
The proposal for Across to privatize itself is a rare move, but it comes at a time when the industry is beginning to recognize that DAOs are a difficult organizational structure to operate.
In fact, ETH scaling is a major benefit for L2
ETH has finally admitted defeat—its Rollup-centric roadmap is unworkable, while the monolithic scaling solutions adopted by blockchains like Solana have proven to be correct.
Memories: 10 Key Contributions of the TON Core Team That Few People Knew in the Early Days
Every line of code, every tool we build, every sleepless night spent maintaining the network—these efforts have laid the foundation for TON's development today.
2025 South Korea CEX Listing Post-Mortem: Investing in New Coins = 70% Loss?
The 2025 South Korean exchange's new token listing performance is structurally similar to Binance's, with no significant differences.
App