Circuits of Value (COVAL) has experienced a significant drop in its value after the Coinbase crypto exchange announced the suspension of trading for the asset.
Over 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. The daily trading volume for COVAL has surged by 2,760%, reaching $6.75 million.
COVAL’s price and exchange activity on June 19 | Source: Santiment
This recent price decline has caused COVAL to fall by 99.99% from its all-time high of $133.01 in January 2022.
COVAL serves as the native token of the Circuits of Value ecosystem, which provides an asset management platform and an exchange. The token was initially launched on the Ethereum blockchain in early 2015.
The sharp decrease in COVAL’s price coincides with reports that Coinbase has decided to cease support for the asset, as indicated by a notification sent out today. This sudden delisting has sparked criticism from users who feel blindsided by the exchange’s decision.
Coinbase has yet to respond to requests for comment from crypto.news regarding the situation.
One user named Satoshi kakaroto has accused the COVAL team of engaging in price manipulation, alleging that three developers associated with Circuits of Value orchestrated a “Pump & Dump” scheme on March 3.
Data from Santiment reveals a significant increase in the number of active exchange deposits for COVAL, rising from zero to 29 within the past 24 hours. Similarly, the number of active exchange withdrawals for COVAL has also surged from seven to 59 in response to the Coinbase delisting.
For more insights into the recent crypto market downturn, check out our article on three reasons behind Tuesday’s decline.