COVAL drops 41 following Coinbases decision to delist
Circuits of Value (COVAL) has experienced a significant drop in its value after the Coinbase cryptocurrency exchange decided to halt trading for the asset.
In the last 24 hours, COVAL has plummeted by 41% and is currently valued at $0.01. The market cap of the asset stands at $18.4 million, ranking it as the 892nd largest cryptocurrency. The daily trading volume of COVAL has surged by 2,760%, reaching $6.75 million.
COVAL’s price and exchange activity on June 19 | Source: Santiment
With this recent decline, COVAL has now dropped 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 introduced on the Ethereum blockchain in the early months of 2015.
The sharp decrease in COVAL’s price coincides with reports of Coinbase discontinuing support for the asset, as users received notifications about this development today. Many users have expressed their dissatisfaction with Coinbase’s decision to delist COVAL on such short notice.
Coinbase has yet to respond to inquiries regarding this matter from crypto.news.
One user, going by the name Satoshi kakaroto, has alleged that the COVAL team engaged in manipulating the token’s price. On March 3, it was claimed that three developers associated with Circuits of Value depleted a significant portion of the token’s supply, describing it as a “Pump & Dump” scheme.
Statistics from Santiment reveal a notable increase in the number of active exchange deposits for COVAL, rising from zero to 29 within the last 24 hours. Additionally, the number of active exchange withdrawals for COVAL has surged from seven to 59 in the same period. This indicates that investors are actively looking to trade or withdraw their COVAL holdings following Coinbase’s decision to delist the asset.
For further insights, read: Three reasons behind the recent downturn in the cryptocurrency market.
