Circuits of Value (COVAL) has experienced a significant drop in value following Coinbase’s decision to suspend trading for the asset.
In the past 24 hours, COVAL has plummeted by 41% and is currently trading at $0.01. The asset’s market cap stands at $18.4 million, ranking it as the 892nd-largest cryptocurrency. Additionally, COVAL’s daily trading volume surged by 2,760%, reaching $6.75 million.
Following the recent price decline, COVAL has dropped by 99.99% from its peak of $133.01 recorded in January 2022.
COVAL serves as the native token for the Circuits of Value ecosystem, which includes an asset management platform and an exchange. Launched on the Ethereum blockchain in early 2015, the token has seen significant volatility in its trading history.
The sharp decline in COVAL’s price coincides with reports from users alleging that Coinbase has abruptly decided to cease support for the asset, issuing notifications earlier today. This sudden delisting has prompted widespread complaints from users about Coinbase’s handling of the situation and the short notice provided.
Coinbase did not respond immediately to requests for comment from crypto.news regarding the delisting.
One user on X, identified as Satoshi kakaroto, has accused the COVAL team of involvement in manipulating the token’s price.
On March 3, allegations surfaced claiming that three developers associated with Circuits of Value had conducted a significant drain of the token’s supply, labeling the project as a “Pump & Dump” scheme.
Data from Santiment reveals a notable uptick in COVAL active exchange deposits, rising from zero to 29 within the last 24 hours. Additionally, COVAL active exchange withdrawals also surged from seven to 59 during the same period. These movements indicate that investors are actively attempting to either swap or withdraw their COVAL holdings in response to the Coinbase delisting.