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MOVE token plunges to all-time low after Coinbase delisting and market-making controversy

  • Coinbase has announced it will delist MOVE amid a $38M token dump controversy.
  • MOVE price has hit a record low, down 84% from the December 2024 peak.
  • Movevent Labs co-founder Rushi Manche has been suspended amid a governance and audit probe.

The MOVE token of the Ethereum-based Movement Network has tumbled to unprecedented depths following Coinbase’s announcement of its imminent delisting on May 15, 2025.

In the wake of allegations regarding a $38 million token dump and questionable market-making arrangements, the exchange has placed MOVE in limit-only mode before deciding it no longer met its listing criteria.

The market-making scandal

Coinbase’s decision to suspend all new trades came after internal documents revealed that Movement Labs had signed a market-making agreement granting undue influence to a third-party middleman.

The agreement, tying Web3Port and an obscure firm named Rentech, allegedly provided Rentech with the right to dump significant quantities of MOVE once the token’s fully diluted valuation hit $5 billion.

Shortly after MOVE made its exchange debut, Rentech executed a rapid sell-off that triggered a precipitous price collapse, eroding investor confidence within hours.

Movement Labs responded by establishing a $38 million reserve fund to repurchase the offloaded tokens, but critics have pointed out that no tangible buyback actions have materialised to date.

Binance further escalated the crisis by freezing funds linked to the same market maker, compounding concerns about the project’s governance and transparency.

Amid these developments, Movement Labs suspended co-founder Rushi Manche on May 2 while an independent review led by intelligence firm Groom Lake remains ongoing.

Manche has publicly distanced himself from the token dump, claiming bad actors manipulated agreements behind the scenes and rejecting any personal involvement in off-market sales.

Despite these assurances, the sudden leadership upheaval only deepened the aura of uncertainty surrounding MOVE’s strategic direction and governance reforms.

MOVE token hit hard

Following Coinbase’s May 1 limit-only notice and the formal delisting announcement, MOVE’s price plunged by over 20% to an all-time low near $0.18, before rebounding to $0.1985 at press time

Source: CoinMarketCap

The token is trading more than 86% below its December 2024 peak of $1.45, illustrating how project-specific turmoil can eclipse broader market rallies.

At press time, MOVE’s market capitalisation stood at approximately $496.27 million, with a staggering 398.04% spike in 24-hour trading volume and a volume-to-market-cap ratio exceeding 116.66%.

The token’s circulating supply of 2.5 billion MOVE and a total cap of 10 billion have drawn attention to potential sell-pressure vulnerabilities amid thin liquidity.

Technical indicators offer little respite, as both the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) continue their descent without signalling any bullish divergence or imminent reversal.

In Elliott wave terms, MOVE appears to be in the extended fifth wave of its downward cycle, suggesting further downside could be reached if the 1.61 extension target of $0.136 is met.

Community sentiment has soured markedly, with Telegram discussions oscillating between relief at avoiding further losses and outright accusations of yet another crypto scam.

A Movement Network Foundation spokesman emphasised that the suspension was not permanent and that talks with Coinbase are ongoing, aiming to restore trading if standards are met.

However, the delay of the promised MoveDrop airdrop and the absence of a concrete timeline for the strategic reserve’s deployment have left many token holders sceptical.

With holders numbering roughly 33,850 and the fully diluted valuation still hovering near $1.98 billion, stakeholders face a steep uphill battle to regain trust.

As Movement Labs navigates governance audits, buyback pledges, and potential reinstatement on major exchanges, MOVE’s future hinges on transparent accountability and tangible remediation.

Only by addressing the structural flaws exposed by the market-making scandal and delivering on recovery commitments can Movement hope to salvage its token’s credibility and value.

The post MOVE token plunges to all-time low after Coinbase delisting and market-making controversy appeared first on CoinJournal.

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Japan’s Metaplanet issues $24.8 million in bonds to boost Bitcoin holdings past 5,000 BTC

  • The funds raised will be specifically allocated for further Bitcoin purchases.
  • The bonds were sold in full to EVO FUND.
  • The bonds offer investors the potential for early repayment if certain conditions are met.

Tokyo-based Metaplanet is taking steps to expand its cryptocurrency portfolio by issuing ¥3.6 billion (approximately $24.8 million) in bonds to fund the acquisition of more Bitcoin (BTC).

This move comes as the Japanese hotel firm’s Bitcoin holdings surpass the 5,000 BTC mark.

The bonds, which carry no interest, are set to be redeemed at their par value on October 31, 2025, or earlier, if the bondholder requests repayment.

The funds raised will be specifically allocated for further Bitcoin purchases, continuing the company’s earlier strategy to increase its digital asset investments.

The bonds were sold in full to EVO FUND, a move Metaplanet hopes will help support its growing Bitcoin strategy.

While the bonds carry no interest, they offer investors the potential for early repayment if certain conditions are met.

Specifically, Metaplanet plans to use capital raised through stock acquisition rights to redeem the bonds.

This means the company’s ability to repay the bonds hinges on the demand for its equity-linked instruments, highlighting a potential reliance on investor sentiment and market conditions.

Metaplanet’s recent bond issuance underscores the growing trend of companies integrating Bitcoin into their financial strategies.

With cryptocurrency markets gaining momentum, the company’s move aligns with the broader trend of corporate adoption of digital assets as a store of value.

As Metaplanet’s share price recently rose by 8.6%, investors are keeping a close eye on how the company’s Bitcoin purchases will impact its financial performance in the coming years.

In an era where digital currencies are becoming more mainstream, Metaplanet’s decision to use bonds for Bitcoin acquisition marks a noteworthy step toward integrating cryptocurrency into corporate balance sheets.

The post Japan’s Metaplanet issues $24.8 million in bonds to boost Bitcoin holdings past 5,000 BTC appeared first on CoinJournal.

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ETF speculation around Dogecoin, XRP drives spike in investor optimism

  • Santiment’s social data indicates a marked shift in favor of both Dogecoin and XRP.
  • Social commentary can play a crucial role in shaping trading strategies.
  • For XRP, the mood remains overwhelmingly bullish.

Investor optimism for Dogecoin (DOGE) and XRP is rapidly growing, fueled by rising social sentiment and speculation surrounding the potential approval of exchange-traded funds (ETFs) based on these cryptocurrencies.

According to recent data from Santiment, positive chatter surrounding both DOGE and XRP is intensifying, contributing to a sharp shift in market outlook.

This growing confidence in the two tokens suggests a potential bullish phase for the coins, despite regulatory hurdles that still loom.

Santiment’s social data indicates a marked shift in favor of both Dogecoin and XRP, particularly in online discussions and crowd sentiment.

Social commentary can play a crucial role in shaping trading strategies, as positive discussions often support upward price momentum, while negative sentiment can influence bearish trades.

For XRP, the mood remains overwhelmingly bullish, with very few bearish voices despite a drop in overall social discussions for the token compared to other major cryptocurrencies.

The perceived probability of a spot XRP ETF approval by the end of 2025 has surged to 85%, a notable increase from 65% just two months ago, according to Polymarket.

DOGE and XRP are poised to benefit from this shift in sentiment

This rising confidence comes even as the US Securities and Exchange Commission (SEC) has delayed decisions on the spot DOGE and XRP ETF proposals until June 17, 2025.

Despite this, technical analysis shows strong accumulation patterns, suggesting that the market remains positive.

Both DOGE and XRP appear poised to benefit from this shift in sentiment as investors remain optimistic about future regulatory outcomes.

Dogecoin, in particular, has experienced a dramatic rise in social dominance following ETF filings by 21Shares and Bitwise in April.

Before late April, DOGE was languishing in a period of low social attention, but the recent filings have sparked renewed interest, pushing its social dominance to a three-month high.

The support from the House of Doge and the Dogecoin Foundation for the 21Shares application has further solidified DOGE’s credibility as a serious investment option, shedding its “memecoin” image.

Traders and analysts are now noticing heavy accumulation by large holders, or “whales,” and bullish patterns emerging on the charts, fueling speculation that Dogecoin could be entering a new growth phase.

While other tokens like Ethereum (ETH), Solana (SOL), and Binance Coin (BNB) are seeing mixed social signals, the positive momentum surrounding DOGE and XRP reflects a broader market shift toward digital assets.

As Dogecoin and XRP ETFs continue to capture investor attention, the market’s sentiment remains bullish, with both tokens poised to make waves in the coming months.

The post ETF speculation around Dogecoin, XRP drives spike in investor optimism appeared first on CoinJournal.

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Kraken Q1 revenue jumps to $472 million amid Trump-era crypto volatility

  • EBITDA for the quarter reached $187.4 million, a 17% increase.
  • Trading volume rose 29% amid a 35% rally in Bitcoin prices.
  • Launch of institutional FIX API boosted futures volumes by 250%.

Kraken, one of the longest-operating cryptocurrency exchanges in the United States, reported a 19% year-on-year increase in revenue for the first quarter of 2025, reaching $472 million.

The jump in trading activity followed heightened price volatility across the crypto market, largely driven by the return of Donald Trump to the White House and his pro-crypto policies, which included discussions of a national Bitcoin reserve.

Kraken’s earnings before interest, taxes, depreciation, and amortisation (EBITDA) reached $187.4 million, up 17% from Q1 2024.

However, despite strong numbers, regulatory pressure, rising competition, and market uncertainty remain key hurdles for the company’s long-term strategy.

Revenue climbs on market volatility and pro-Bitcoin sentiment

According to company data, Kraken’s trading volume surged 29% during the January–March period, mirroring the 35% rise in Bitcoin prices — from $69,000 to $94,000 — during the same timeframe.

The increased volume was partly driven by favourable sentiment following the Trump administration’s commitment to explore Bitcoin as a strategic reserve asset.

This policy signal helped fuel broader interest in the cryptocurrency sector, with major exchanges, including Kraken, benefiting from the resulting speculative activity.

The surge in crypto valuations and trading enthusiasm also coincided with rising adoption of advanced features on the Kraken platform.

The company rolled out a futures-focused FIX API during the quarter, specifically targeting institutional users.

The product launch led to a 250% increase in monthly futures trading volumes, underscoring the shift towards professional-grade infrastructure.

NinjaTrader acquisition adds new traders, products to portfolio

Kraken expanded its offering in March 2025 by acquiring NinjaTrader for $1.5 billion.

The deal added nearly 2 million traders to its ecosystem and allowed Kraken to diversify beyond cryptocurrencies into broader financial markets.

With the acquisition, Kraken now offers trading in futures contracts tied to commodities, forex, and equities — a strategic pivot aimed at reducing the platform’s reliance on crypto market cycles.

The company said its institutional strategy will continue evolving throughout 2025, with further integrations and platform improvements in the pipeline.

Its diversification into adjacent markets mirrors a trend seen across the industry, as exchanges seek to weather periods of low volatility and attract capital from outside the crypto-native audience.

Challenges ahead despite strong Q1

Despite the growth, Kraken still faces key operational and competitive challenges.

The exchange operates in an increasingly saturated market, with Binance, Coinbase, and several Asia-based players aggressively pursuing global market share.

Maintaining user growth will likely require continued product innovation and regional expansion.

The company’s revenue model remains closely tied to trading volume, which makes it vulnerable to market consolidation or prolonged bearish cycles.

While early 2025 benefited from speculative tailwinds, any cooling of the Bitcoin rally could impact the next quarter’s results.

Kraken must navigate a fluid regulatory environment.

While the Trump administration has signalled support for digital assets, regulatory oversight from the Securities and Exchange Commission and other agencies continues to evolve.

Global compliance requirements may also pose hurdles as Kraken pushes into new geographies, including Asia.

The company’s blog post dated 1 May 2025 hinted at plans for expanding Kraken Pay and on-chain staking services, offering a potential path to more stable, recurring revenue.

However, execution risks remain, especially as competition intensifies and regulatory clarity remains inconsistent across jurisdictions.

The post Kraken Q1 revenue jumps to $472 million amid Trump-era crypto volatility appeared first on CoinJournal.

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PepeX presale raises $1.83 million as Solana memecoins rally

  • PepeX presale has raised over $1.83 million.
  • Stage 6 tokens are priced at $0.0255, up from $0.02 at launch.
  • Forecasts place PepeX at $0.30–$0.50 by 2026 if momentum continues.

PepeX, a new AI-powered meme coin launchpad on the Solana blockchain, has raised over $1.83 million since its presale began on 24 March.

With a capped supply of 5 billion tokens and strong emphasis on fairness and decentralisation, PepeX is positioning itself as a next-generation alternative in a rapidly evolving memecoin market.

The project arrives as interest in Solana-based memecoins such as Dogwifhat and Bonk continues to surge.

PepeX’s presale structure, featuring dynamic pricing and stage-based increases, has caught investor attention.

It offers early buyers a potential return of over 240% if it lists at its planned $0.085 price.

With the public platform set to launch in Q3 2025, all eyes are on whether PEPX can outperform rivals like Myro and rise beyond its meme status.

PepeX: Why should you invest in this?

PepeX’s presale runs for 90 days, with 50% of the 5 billion token supply allocated to early investors.

By early April, the project had raised more than $1.25 million from the sale of around 62.5 million tokens.

Stage 5 of the presale saw tokens priced at $0.0243, while Stage 6 began on 8 April at $0.0255.

Each presale stage lasts three days, with token prices increasing by roughly 5% per stage.

At this pace, the final presale stage could hit a token price of approximately $0.0823.

If the token lists on exchanges at the projected $0.085, early participants from Stage 5 stand to gain around 240% to 311%, depending on their entry point.

The platform also promises anti-sniping protections, liquidity locks, automated smart contract audits, and a fair launch model where the team holds just 5% of the total supply—an unusually low figure for meme coins.

Dogwifhat and Bonk boost Solana meme sentiment

While PepeX is still in presale, established Solana-based memecoins have been rallying. Bonk saw a 26% rise in the week ending 23 April, while Dogwifhat gained around 30%.

At the end of April, Bonk was trading near $0.0000188 with a market cap of roughly $1.49 billion.

Dogwifhat, priced around $0.616, had a market cap of approximately $620 million.

These surges were supported by a broader altcoin rally driven by Bitcoin nearing $95,000 in early March.

Both Bonk and Dogwifhat have benefited from widespread listings, active community support, and integration into Solana’s DeFi and gaming ecosystems.

This meme-led momentum on Solana has created the perfect launch window for newcomers like PepeX to capitalise on demand for high-upside tokens.

PepeX price forecast

Short-term projections suggest PepeX could reach between $0.09 and $0.14 within one to three months of launch.

Medium-term estimates place the token at $0.15 to $0.25 within six months, and potentially between $0.30 and $0.50 by 2026.

That long-term estimate would translate to gains of over 1,000% for Stage 1 presale investors.

However, analysts caution that short-term pullbacks are possible.

Some expect early investors to take profits at listing, which could push the price temporarily back toward $0.0198—just below its initial $0.02 presale level.

PepeX’s future depends on its ability to deliver a working launchpad and attract meme creators and users to its ecosystem.

With its unique combination of AI tools, tokenomics, and fair launch approach, the token is positioned to capture attention in an increasingly competitive landscape.

The post PepeX presale raises $1.83 million as Solana memecoins rally appeared first on CoinJournal.