Author: Monicah W

‘Bitcoin Price May Reach $125K to $150K by September 2025’ – But Wait, Here’s the Twist

Monicah W

The post ‘Bitcoin Price May Reach $125K to $150K by September 2025’ – But Wait, Here’s the Twist appeared first on Coinpedia Fintech News

The crypto market capitalization has surged back above $3 trillion, displaying the growing strength within the space. While the volume remains restricted within a range, the rise in the market capitalization suggests a notable rise in the bullish strength as the Bitcoin price rises past $97,000. Despite this rise, the token is expected to maintain a strong ascending trend and eventually reclaim $100K in a short while from now. 

The BTC price has consolidated for over a week and triggered a breakout above the range with capital influx and bullish sentiments swirling around $100K. On-chain data shows whales and the long-term holders are buying while the exchange reserves continue to drop. This generated a supply squeeze that pushed the price above the consolidated range. However, the price is required to rise above the ‘broken parabolic slope’ that may pave the way for a new ATH as suggested by crypto veteran Peter Brandt. 

Peter Brandt shared a historical chart of Bitcoin where the BTC price followed a parabolic curve in 2021 and formed a new ATH. Currently, the price has dropped below the curve, and a rise above the curve could trigger a strong bull run. The price is predicted to reach $125,000 to $150,000 by August-September 2025, but the analysts warn of a 50% or more correction after marking a new ATH. Here could be why the analyst foresees a massive drop. 

The open interest plays a major role in determining the mindset of the investors. The rise in open interest suggests the longs are paying the shorts, which indicates that longs have become dominant compared to shorts. Unfortunately, the open interest is still negative despite the price approaching $100K. 

The data from Coinanalyze shows that the Bitcoin funding rate has gone negative, while the predicted funding rate average is also negative. This suggests the shorts are still dominant over the longs, which circulates bearish clouds over the BTC price rally. However, the analyst believes that only the destruction of the USD may prevent the massive correction. Therefore, it would be interesting to watch the next Bitcoin (BTC) price action. 

The post ‘Bitcoin Price May Reach $125K to $150K by September 2025’ – But Wait, Here’s the Twist appeared first on Coinpedia Fintech News
The crypto market capitalization has surged back above $3 trillion, displaying the growing strength within the space. While the volume remains restricted within a range, the rise in the market capitalization suggests a notable rise in the bullish strength as the Bitcoin price rises past $97,000. Despite this rise, the token is expected to maintain …

Dogecoin Price Analysis and Forecast: DOGE Price Confirms Early Bull Phase

Monicah W

DOGEN

The post Dogecoin Price Analysis and Forecast: DOGE Price Confirms Early Bull Phase appeared first on Coinpedia Fintech News

  • A consistent close above the resistance range between 19 cents and 20 cents will trigger a rally toward the parabolic phase for the DOGE price.
  • The anticipated approval of spot DOGE ETF in the next few months will improve its overall liquidity, trading volume, and demand.

Dogecoin (DOGE) price performed better than the rest of the top-10 altcoins by market capitalization in the past 24 hours. As Bitcoin (BTC) price teased above $97k and the total crypto market cap gained 1.2 percent in the past 24 hours to hover about $3.12 trillion, DOGE price rallied over 5 percent to trade around $0.1813 on Thursday, May 1, during the mid North American session.

The early bull phase – characterized by rising optimism and a breakout from key resistance levels – has signaled the onset of the much anticipated parabolic phase of the 2025 crypto bull cycle. 

Dogecoin Whales Increases Accumulation 

As investors adjust accordingly, amid the Wall Street quarterly earnings report and improving trade war negotiations, on-chain data shows whale investors have increased their appetite for memecoins, led by Dogecoin. According to market data from Santiment, Dogecoin investors, holding between 1 million and 10 million coins, added 100 million DOGE in the past week to currently hold about 10.55 billion coins.

The rising demand for DOGe coincides with the notable spike in its Futures Open Interest (OI) to about $1.88 billion, from about $1.31 billion on April 9, 2025. Additionally, as Coinpedia reported, the odds for a Doge ETF approval before the end of this year have significantly increased, with Polymarket’s users betting at a 68 percent approval rate.

What Next For DOGE

Dogecoin price has depicted a high correlation with Bitcoin price action YTD, catalyzed by its high adoption by institutional investors. The large-cap memecoin, with a fully diluted valuation of about $26.9 billion and a 24-hour average trading volume of around $1 billion, is aiming for 26 cents, which coincides with the 200-day Moving Average Simple (SMA).

From a technical analysis standpoint, DOGE will enter its price discovery in the near future. However, the weekly MACD line must cross above the signal line and the Relative Strength Index (RSI) regains above 50. 

The post Dogecoin Price Analysis and Forecast: DOGE Price Confirms Early Bull Phase appeared first on Coinpedia Fintech News
A consistent close above the resistance range between 19 cents and 20 cents will trigger a rally toward the parabolic phase for the DOGE price. The anticipated approval of spot DOGE ETF in the next few months will improve its overall liquidity, trading volume, and demand. Dogecoin (DOGE) price performed better than the rest of …

Kraken Announces Growth in Q1 Revenue YoY: Crypto Boom at Hand

Monicah W

The post Kraken Announces Growth in Q1 Revenue YoY: Crypto Boom at Hand appeared first on Coinpedia Fintech News

  • Kraken is preparing to go public in the near future via an IPO.
  • The surge in trading volume signals the re-emergence of FOMO crypto trading amid bullish sentiment.
  • Bitcoin has already broken out of a major resistance and a euphoric rally is around the corner.

Kraken, a veteran cryptocurrency exchange, announced the financial update for the first quarter of 2025. The cryptocurrency exchange reported a gross revenue of $471.7 million, up 19 percent YoY but down 7 percent QoQ. 

According to the announcement, Kraken recorded an adjusted EBITDA of $187.4 million, up 17 percent and 1 percent YoY and QoQ respectively. The company reported a total trading volume of about $208.7 billion, up 29 percent YoY but down 10 percent QoQ.

What Next For Kraken

Kraken exchange intends to follow Coinbase Global Inc. (NASDAQ: COIN) by going public via an IPO, potentially in the first half of 2026. The cryptocurrency exchange completed the acquisition of NinjaTrader, to enhance the combination of traditional finance and the cryptocurrency market,

“We always want to be ready to be able to grow with our customers. If it’s better on behalf of our customers to have access to capital markets, we’ll do it. We’ll be able to have the ability to go public when we want to, not subject to market conditions,” Arjun Sethi, the company’s co-chief executive officer, said in an interview.

Key Derivation for Crypto

The notable growth in Kraken’s gross revenue and adjusted EBITDA confirms the rising demand for digital assets reported in the past year. The improving global liquidity amid the rising adoption of digital assets by institutional investors and nation-states signals a parabolic rally is on the horizon. 

Moreover, the United States, under President Donald Trump, is about to implement its Strategic Bitcoin Reserve. Additionally, more nations have implemented clear crypto regulations in the past few years compared to the 2021 bull cycle.

The post Kraken Announces Growth in Q1 Revenue YoY: Crypto Boom at Hand appeared first on Coinpedia Fintech News
Kraken is preparing to go public in the near future via an IPO. The surge in trading volume signals the re-emergence of FOMO crypto trading amid bullish sentiment. Bitcoin has already broken out of a major resistance and a euphoric rally is around the corner. Kraken, a veteran cryptocurrency exchange, announced the financial update for …

Strategy Releases Q1 Financial Results: Michael Saylor Remains a Bitcoin Maximalist and Raises 2025 Targets

Monicah W

MicroStrategy Bitcoin Holdings May Reach Over 1Million BTC by 2030

The post Strategy Releases Q1 Financial Results: Michael Saylor Remains a Bitcoin Maximalist and Raises 2025 Targets appeared first on Coinpedia Fintech News

  • Strategy missed Wall Street expectations by a huge margin during the first quarter.
  • Saylor expects the BTC price to record a compounded annual growth rate of about 30 percent in the next two decades.
  • Bitcoin price rebounded above $96k for the first time since mid-February.

Strategy, formerly MicroStrategy, the leading corporate holder of Bitcoin (BTC), released its first quarter 2025 financial results on Thursday, May 1. For the three-month period that ended on March 31, Strategy added 61,497 Bitcoins, thus currency holding about 553,555 Bitcoins.

As a result, Strategy achieved a BTC Yield of 13.7 percent in the first quarter of 2025. 

The company continued to capitalize on the equity markets to purchase more Bitcoins during the first quarter.

“We successfully executed our record $21 billion common stock ATM, adding 301,335 BTC to our balance sheet while simultaneously achieving a 50% increase in MSTR share price during the same period. In Q1, we also broadened our capital base with two of the most successful preferred stock IPOs in a decade,” Phong Le, President and Chief Executive Officer at Strategy noted.

Market Outlook for Strategy 

During the first quarter of 2025, Strategy recorded revenue of about $111.1 million, a decline of 3.6 percent year over year. The company reported a gross profit of $77.1 million in Q1 2025, compared to $85.2 million at the same time last year.

Analysts polled by FactSet anticipated Strategy to report a GAAP loss of 11 cents per share on sales of $117 million. Meanwhile, Strategy anticipates raising $84 billion in the coming quarters to purchase more Bitcoins. 

Impact on Bitcoin 

The company’s long-term confidence in Bitcoin has helped attract more institutional investors in the industry. As a result, Bitcoin price has gained bullish sentiment akin to Gold. In the past two weeks, Bitcoin price gained over 13 percent to trade at about $96.6k at the time of this writing.

If BTC price manages to consistently close above $96k in the coming weeks, a rally beyond $109k will be inevitable.

The post Strategy Releases Q1 Financial Results: Michael Saylor Remains a Bitcoin Maximalist and Raises 2025 Targets appeared first on Coinpedia Fintech News
Strategy missed Wall Street expectations by a huge margin during the first quarter. Saylor expects the BTC price to record a compounded annual growth rate of about 30 percent in the next two decades. Bitcoin price rebounded above $96k for the first time since mid-February. Strategy, formerly MicroStrategy, the leading corporate holder of Bitcoin (BTC), …

News

MOVE Crashes 16% After Coinbase Delisting – Here’s What Happened

Monicah W

Coinbase announced that it is delisting MOVE, which subsequently plunged over 16%. The exchange did not describe any specific reasoning for this action, leading community speculation to flourish.

New evidence alleges that Movement Labs was directly or indirectly involved in a market maker dumping 66 million MOVE tokens. Coinbase may have lost confidence in the project between those rumors and a delayed airdrop.

Why Did Coinbase Delist MOVE?

Although Coinbase has the well-documented ability to boost certain cryptoassets by listing them, the reverse is apparently also true. The exchange will suspend all MOVE trading in exactly two weeks, immediately causing the asset to plummet.

In addition to this 16% price drop, MOVE’s daily trading volume surged 130%. This suggests that MOVE holders are selling their assets after Coinbase’s delisting announcement.

MOVE Price Crashes After Coinbase Delisting
MOVE Price Crashes After Coinbase Delisting. Source: TradingView

This is a serious blow to Movement Network’s credibility and reputation. The project showed significant potential and even outperformed Bitcoin and Ethereum during the Q1 2025 cycle. It also raised $100 million in VC funding earlier this year, backed by notable investors.

However, Coinbase’s delisting is not unfounded. Earlier today, Movement Labs announced that a planned airdrop was being delayed, helping spark frustration. That may have been the final straw for Coinbase, on top of pre-existing problems.

Specifically, Movement Labs claimed it would investigate an instance of potential fraud in mid-March. A market maker dumped 66 million MOVE tokens, triggering a sharp price drop.

New evidence has come to light, leading users to allege that Movement Labs was directly or indirectly complicit in these dealings. The company allegedly loaned 50% of MOVE’s supply to investment platform Web3Port, which proceeded to dump a large volume of tokens.

Based on these incidents, the community fears a repeat of MANTRA’s historic OM crash. Meanwhile, Movement Labs is backed by the Trump Family’s World Liberty Financial. The DeFi project holds more than 7 million MOVE tokens.

The post MOVE Crashes 16% After Coinbase Delisting – Here’s What Happened appeared first on BeInCrypto.

News

Tether Acquired $65 Billion in US Treasury Bonds in Q1 2025

Monicah W

Tether just released its Q1 2025 Attestation Report, describing a massive increase in US Treasury bond holdings. The firm purchased over $65 billion in these assets between January 1 and the end of the quarter.

Tether’s report also repeatedly mentioned a potential role in global US dollar flows, calling USDT “the leading digital representation” of this currency. The firm’s treasury holdings now represent more than 80% of its total assets.

Why is Tether Buying US Treasury Bonds?

When Tether, the world’s largest stablecoin issuer, publicized its Q4 2024 Attestation Report, it reported $33 billion in held US Treasury bonds.

An entire quarter has since passed, and the firm’s newest report details a massive pattern of acquisitions. By March 31, it held $98.5 billion in Treasury bonds, with another $21.3 billion in indirect exposure.

Tether's Indirect Treasury Exposure
Tether’s Indirect Treasury Exposure. Source: Tether

The company’s report further claims that its total assets amount to $149.2 billion. In other words, more than 80% of Tether’s assets are directly and indirectly held in US Treasury bonds.

Comparatively, it only holds $7 billion in BTC, which the firm has consistently acquired in the past.

Rumors suggested that the firm would de-prioritize Bitcoin to better align with US stablecoin regulations, and this event may be taking place. If proposed legislation becomes law, the US will require Tether to hold most of its reserve assets in Treasury bonds. Thanks to these acquisitions, that requirement has been fulfilled.

Tether has been reorienting its business in a few key ways to facilitate compliance with US regulations. In late March, President Trump suggested that stablecoins could support dollar dominance, and Tether seems interested in this goal.

The report repeatedly mentioned concepts like “Tether’s growing role in distributing dollar-denominated liquidity” and “supporting the global relevance of the US dollar in a rapidly evolving economy.”

The firm described USDT as “the leading digital representation of the US dollar,” and its CEO, Paolo Ardoino, echoed these sentiments:

“Our mission is clear: to responsibly and compliantly power the digital economy and strengthen the role of the US dollar on the global stage,” he claimed.

If Tether wants to take on this transformative role, its massive US Treasury holdings will substantially help that task. Its holdings are vastly larger than most governments’, to the extent that it could move the global treasury market.

Overall, these purchases will likely drive Tether’s substantial business ventures in the US market soon.

The post Tether Acquired $65 Billion in US Treasury Bonds in Q1 2025 appeared first on BeInCrypto.

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What To Expect From Stellar (XLM) In May 2025

Monicah W

Stellar (XLM) enters May 2025 in a fragile position, underperforming Bitcoin and other altcoins both in price action and trading volume. Despite following BTC’s general trajectory, XLM has failed to capture the same upside, while still participating fully in market corrections.

Volume has also collapsed from early-year highs, highlighting a drop in market interest and liquidity. With price sitting just above a key support and a potential death cross on the horizon, Stellar faces a critical month that could define its near-term trend.

XLM Lags Behind Bitcoin With Asymmetric Volatility

Over the past month, Stellar has been closely following Bitcoin’s trajectory but with significantly weaker upside performance.

While Bitcoin has climbed over 14%, XLM has managed only a 2.8% gain, falling behind BTC and other altcoins like Hedera, which have shown stronger bullish reactions.

This muted upside signals a lack of conviction among traders and raises questions about Stellar’s momentum in the current market cycle.

XLM and BTC.
XLM and BTC. Source: Messari.

What’s more concerning is that XLM is still behaving like a typical altcoin during corrections—dropping harder than Bitcoin when the market pulls back.

Normally, altcoins are expected to amplify Bitcoin’s movements both ways: outperforming during rallies and underperforming in downturns. Stellar, however, only shows downside volatility without the upside benefit.

This imbalance makes the token vulnerable, signaling weaker market confidence and potentially limiting its appeal in a risk-on environment.

Stellar Trading Volume Collapses From Early 2025 Highs

Stellar has seen a noticeable drop in trading volume over the last 30 days, with activity peaking at just $311 million on April 23.

This is well below previous highs—$480 million on April 7 and $930 million on March 3—showing a clear downtrend in market participation.

Declining volume often signals weakening interest from traders and can limit price momentum, especially in a token that already underperforms on the upside.

XLM Price and Volume.
XLM Price and Volume. Source: Santiment.

More importantly, XLM’s current volume levels pale compared to earlier this year’s activity.

Daily volume frequently surpassed $1 billion in January and February, even reaching above $2 billion. That level of liquidity helped fuel stronger price action and volatility.

With current figures sitting at a fraction of those peaks, Stellar faces a market backdrop that lacks energy and conviction—potentially capping any meaningful rallies in the near term.

Stellar at Make-or-Break Support as Death Cross Looms

Stellar is hovering just above a key support level at $0.26, a zone that could determine its next major move. The EMA lines are tightening, and a potential death cross may be forming where short-term EMAs cross below long-term ones.

If the $0.26 support is lost and the death cross confirms, XLM could slide further toward $0.239 and even $0.20, signaling a deeper bearish shift.

XLM Price Analysis.
XLM Price Analysis. Source: TradingView.

Conversely, bullish momentum could return if Stellar price manages to bounce and break through the $0.297 resistance.

Moving past that level could open the door to $0.349 and $0.375, with further upside potential toward $0.44 and even $0.495 if volume and sentiment improve.

The post What To Expect From Stellar (XLM) In May 2025 appeared first on BeInCrypto.

News

3 Altcoins that are Overbought in the First Week of May 2025

Monicah W

Altcoins like AIXBT, Echelon Prime (PRIME), and Balancer (BAL) have posted massive gains heading into the first week of May, but key technical indicators now suggest all three may be overbought. AIXBT is up nearly 95% on the week with strong price momentum, yet it still lags the broader market with a low relative strength.

PRIME and BAL have both surged over 30% in the last 24 hours, but each shows extreme RSI readings above 70 while also underperforming in relative strength—raising red flags about sustainability. While the rallies have drawn short-term attention, traders should be cautious as these tokens show signs of overheating without broader market confirmation.

AIXBT

AIXBT, one of the most recognized crypto AI agents tokens, has emerged as a top performer, surging nearly 40% in the last 24 hours and over 95% in the past seven days.

This explosive rally places AIXBT among the best-performing altcoins of the week, drawing increased attention from traders and speculators.

However, technical indicators suggest the token may be entering overheated territory, warranting caution in the short term.

AIXBT RSI and RS.
AIXBT RSI and RS. Source: TradingView.

The Relative Strength Index (RSI) is a momentum indicator that moves from 0 to 100. Values above 70 mean the asset is overbought and may pull back. Values below 30 suggest it’s oversold and could rebound.

Relative Strength (RS) compares a token’s performance to a benchmark. RS above 1.0 means outperformance. Below 1.0 means underperformance. AIXBT has an RSI of 73.92 and an RS of 0.69. That technically makes it overbought, but still lagging behind the broader market.

This shows that AIXBT’s rally has been sharp, but not strong relative to other assets. The surge may be driven more by short-term speculation than sustained market strength.

Echelon Prime (PRIME)

Echelon Prime has surged 33% in the last 24 hours, making it one of the day’s top-performing altcoins.

Its trading volume has exploded by 276%, reaching nearly $16 million—an indication of heightened trader interest and momentum.

However, while the price action is impressive, technical indicators are flashing caution in the short term.

PRIME RSI and RS.
PRIME RSI and RS. Source: TradingView.

PRIME’s Relative Strength Index (RSI) currently sits at 74, firmly in overbought territory. At the same time, its Relative Strength (RS) is just 0.124.

This combination—high RSI and low RS—suggests the recent rally may be unsustainable.

While there’s strong short-term demand, the token lacks confirmation from relative market strength, making PRIME vulnerable to a sharp correction if buying pressure fades.

Balancer (BAL)

Balancer has jumped over 41% in the last 24 hours, supported by a sharp rise in trading activity, with volume climbing to $53 million.

The price surge places BAL among the strongest-performing altcoins in the market. However, technical indicators suggest the rally may be overextended despite the breakout.

BAL RSI and RS.
BAL RSI and RS. Source: TradingView.

BAL’s Relative Strength Index (RSI) is at 79.33, signaling extreme overbought conditions. Meanwhile, its Relative Strength (RS) stands at just 0.27, indicating it is still underperforming relative to the broader market.

This combination—very high RSI and low RS—often points to an unsustainable move driven more by hype than underlying strength.

Without relative outperformance to support the momentum, BAL could be at risk of a near-term pullback once buying pressure cools.

The post 3 Altcoins that are Overbought in the First Week of May 2025 appeared first on BeInCrypto.

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MicroStrategy Reports $4.2 Billion Net Loss in Q1 Despite a 13% Bitcoin Yield

Monicah W

Strategy recently posted its Q1 2025 earnings report, showing over $4.2 billion in net losses despite gains on its Bitcoin holdings. Shortly afterward, the firm declared its intention to sell $84 billion in new offerings.

Shareholders’ responses are mixed, with some fearful of failing fundamentals and their own stocks being diluted. Still, this audacious plan has its supporters, with Bitcoin’s price on the rise.

Strategy’s Biggest Bitcoin Buy

Strategy (formerly MicroStrategy) hasn’t shown much interest in changing its plan for systematic Bitcoin acquisition. Its latest earnings report takes great care to show its returns on this investment: It holds 553,555 BTC, at an average cost of $68,459 each, and has gained $5.8 billion from Bitcoin.

Despite this, however, the company lost over $4.2 billion overall. The firm’s net losses are primarily due to a $5.9 billion unrealized loss on digital assets, reflecting the volatile nature of cryptocurrency investments.

Strategy’s unrealized losses have drawn concern from the community and speculation that the company might have to sell its Bitcoin. In early April, these losses possibly contributed to a pause in its BTC purchases.

Initially, the report claimed that Strategy was offering $21 billion in new stock sales to buy more Bitcoin. Soon after, however, Michael Saylor claimed that his firm was setting a much more audacious goal:

“Strategy… doubles capital plan to $42 billion equity and $42 billion fixed income to purchase bitcoin, and increases BTC Yield target from 15% to 25% and BTC $ Gain target from $10 billion to $15 billion for 2025,” Saylor said.

The community has been conflicted about this announcement. Two months ago, Strategy’s entire Bitcoin holdings amounted to $42 billion, and its largest stock offering in 2025 was $2 billion.

Compared to these figures, $84 billion in new offerings looks completely infeasible for several reasons. The main concern isn’t even finding enough buyers.

In other words, Strategy’s Q1 earnings report clearly shows that the firm has this reserve of preferred stock it could use to buy Bitcoin.

However, the company can’t execute these sales because of its steep losses and lack of cash flow. Offering these new shares instead would allow Saylor to gain fresh liquidity, but this would dilute existing shareholders’ holdings.

Still, some shareholders remain bullish about Strategy’s intention to buy more Bitcoin. Ultimately, the company remains a key pillar for the market’s confidence in BTC. If its investors start heading for the door, it could have adverse implications on the token’s price.

The post MicroStrategy Reports $4.2 Billion Net Loss in Q1 Despite a 13% Bitcoin Yield appeared first on BeInCrypto.

MOVE Token Price Crashes Over 15% as Coinbase Makes Key Announcement

Monicah W

MOVE Token Price Crashes Over 15% as Coinbase Makes Key Announcement

Movement (MOVE) token price dropped by over 15% after Coinbase’s announcement that it would suspend trading of the token on May 15, 2025. This announcement created panic in the market, causing a significant price fluctuation. The token’s decline is also linked to recent allegations of market manipulation, adding further uncertainty for investors.

Coinbase to Suspend Trading for MOVE Token

Crypto exchange Coinbase has revealed that it would suspend trading for the MOVE token starting on May 15. While the exchange didn’t specify the exact reasons for the decision, it pointed to its ongoing review process to ensure that listed assets meet its standards.

As a result, Coinbase moved MOVE’s order books to limit-only mode, meaning users could place or cancel limit orders, but no new trades could occur. The suspension will affect trading on Coinbase.com (Simple and Advanced Trade), Coinbase Exchange, and Coinbase Prime.

The decision came in the background of the growing concerns related to the activity of the MOVE token on the market. The allegations of market manipulation surrounding the token have drawn scrutiny over its stability. In particular, World Liberty Financial, a Donald Trump linked company, has piqued greater scrutiny of the legitimacy of its token amid its recent ETH sell-off. Considering the uncertainty surrounding the token’s future after Coinbase’s actions and fear or further delistings on other exchanges, market participants are concerned.

MOVE Price Drop and Investor Reactions

After the announcement, the price of the MOVE token dropped more than 15%. According to the latest data, the token’s price is $0.224969, a 50% decline in the last month and 85% from its ATH of $1.45 in December 2024. This MOVE price decline shook investor confidence, prompting some traders to sell off their holdings.

The move by Coinbase is the major factor contributing to the price crash, especially given the ongoing concerns over MOVE’s market manipulation allegations.

This volatile period saw massive interest in the token resulting in a trading volume in MOVE that rose to approximately $374 million. Moreover, MOVE’s open interest in derivatives markets was also up 2.91% at $105.5 million, further indicating that traders were actively engaging with the token in derivative markets.

Allegations of Market Manipulation and Internal Investigations

Recently, MOVE has found itself embroiled in controversy over allegations it engaged in MOVE price manipulation ahead of its launch. According to investigation, the developer behind the MOVE token, Movement Labs entered into a partnership with Web3Port and a third party intermediary, Rentech. According to the arrangement, Rentech would manage a large percentage of the circulating supply of MOVE, helping raise prices shortly after its release.

The case also includes World Liberty Financial, another Movement Labs backer, which adds to the complexity. Moreover, in January, Movement, the network behind the token, discussed blockchain use with Elon Musk’s Department of Government Efficiency (DOGE) team, just 8 days after Trump’s swearing-in.

However, Movement Labs internal communications suggested the company itself lacked knowledge of the full extent of market making agreements with Rentech and Web3Port. Movement Labs is now investigating these agreements to see if it was misled in the process.

The internal probe may clear up things that will hopefully restore much of the lost trust in MOVE. If Movement Labs finds it was misled, it may recover from the controversy. However, market performance has already started to suffer the damage to the token’s reputation as we see in the suspension plans and MOVE price dip.

The post MOVE Token Price Crashes Over 15% as Coinbase Makes Key Announcement appeared first on CoinGape.