MOVE Token Faces Bearish Pressure Following Market-Making Scandal and Airdrop Launch as Trading Volatility Surges

Movement Labs’ MOVE token remains under significant selling pressure due to ongoing fallout from a recent market-making scandal, upcoming token unlocks, and its latest airdrop claim launch. In May 2025, $8.46 million worth of MOVE tokens (2% of total supply) will be unlocked, increasing circulating supply at a time when the token is already struggling; it has dropped over 28% in the past week and nearly 55% in the last month. The price currently trades below key supports at $0.17—down almost 88% from its December 2024 peak—with technical analysis showing MOVE below all major moving averages and with an RSI of 35, approaching oversold territory but showing minor momentum improvement. The recent airdrop announcement has triggered increased trading activity: daily trading volume surged 58% to $43.2 million and derivatives trading rose 118%, though open interest slightly declined, indicating more short-term speculative activity. Previous efforts to restore confidence, such as a $38 million token buyback and ending the relationship with the implicated market maker, have not reversed the bearish sentiment. Coinbase’s planned delisting of MOVE trading pairs on May 15 adds further potential volatility. For traders, MOVE must reclaim $0.19 for any chances of a short-term bullish reversal; a breakdown below $0.16 could see further declines toward $0.15. Overall, despite increased participation from the airdrop—which aims to boost DeFi, NFT, and application engagement—MOVE remains at risk of continued downside until sentiment or market conditions improve.