Movement Labs will unlock 50 million MOVE tokens on May 9, representing 2% of the total supply, according to data from Tokenimist. Valued at approximately $8.46 million at current market prices, the token release comes at a tense moment, with MOVE already facing significant sell pressure.

As of May 5, roughly 7.55 billion MOVE tokens—75.5% of the total supply—remain locked, while 2.45 billion are already circulating. The timing of this unlock has raised concerns as MOVE’s price continues to slide.

MOVE Price Nosedives Ahead of Unlock Event

MOVE has plunged 28.2% over the past week and is down nearly 55% in the last 30 days, erasing much of its prior momentum. The token recently broke below a key psychological support level at $0.17—a price zone that had previously attracted buyer interest.

As of this writing, MOVE trades at $0.169, dipping another 0.54% on the day, reflecting sustained bearish sentiment.

Scandal Erupts Over Market Maker Dealings

MOVE’s recent collapse is partly tied to a market manipulation scandal that resurfaced in early May. On May 2, Movement Labs confirmed the suspension of Manche, a third-party market maker, amid an ongoing investigation into alleged foul play.

The controversy dates back to December, when 66 million MOVE tokens were allegedly dumped by Rentech, a shell entity that reportedly made $38 million from the sale. Initially linked to well-known market maker Web3Port, Rentech was later exposed as lacking any legitimate digital footprint or verifiable backing.

In March, Binance intervened, freezing the involved accounts and notifying Movement Labs. In response, the Movement Foundation launched a $38 million token buyback and severed ties with the market maker. Despite these actions, questions persist about the potential involvement of Movement’s internal team.

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Technical Indicators Flash Red Across the Board

MOVE’s price remains below all major moving averages, with indicators like the MACD confirming continued bearish momentum. The Relative Strength Index (RSI) has dropped below 30, suggesting oversold conditions—yet no clear signs of a reversal have emerged.

Coinbase Delisting Adds Fuel to the Fire

Coinbase plans to delist MOVE trading pairs on May 15 to complicate matters and increase short-term volatility risk. Unless MOVE stages a convincing rebound above key support levels or market sentiment improves drastically, the token may continue to bleed. Traders are bracing for more downsides asthe token unlock looms just days ahead.