Media Network crypto crashes 60% as trading halts on Coinbase

MEDIA took a nosedive today, dropping over 60% after Coinbase officially delisted the token from all its platforms. Media Network (MEDIA) sank to as low as $1.68 on April 16, cutting its market cap from over $1 million to around $430,000. Trading volume also plunged nearly 85% in the last 24 hours as users rushed to exit. Coinbase pulled the plug on MEDIA on April 15, 2025, at around 2:00 PM ET, halting trading across multiple services, including Coinbase.com (both Simple and Advanced Trade), Coinbase Exchange, and Coinbase Prime. While users can no longer trade MEDIA on Coinbase, they can still withdraw their tokens to external wallets. According to Coinbase, the delisting followed a routine asset review meant to ensure all tokens met its listing standards. While no specific reason was given, projects often get delisted due to low trading activity, slowed development, or possible regulatory concerns. Coinbase first announced plans to drop MEDIA on April 1, and since then, the token has dropped by 84.5%. From its all-time high of $312.25, MEDIA has lost more than 99% of its value per CoinGecko. You might also like: Crypto prices may stabilize in late Q2, rebound in Q3 possible: Coinbase report Further, the project’s lack of progress has also raised red flags. Its official X account, @Media_FDN, has been inactive since August 2024, and there have been no meaningful updates about the Media Network mainnet launch for nearly a year. MEDIA went live on Base in March 2024, but developers have since failed to share any developments or engage with the community. Frustrated users have criticized the team for disappearing post-launch, with many blaming the prolonged silence for the token’s downfall. a whole year and zero updates on anything…im about to dump this trash scam — Neighborhood Crypto Watch (@BlakeH47189) January 28, 2025 Meanwhile, MEDIA isn’t the only token affected by a recent delisting, as Coinbase also suspended trading for Floki, GIGA, and Turbo a day earlier, specifically for New York State residents, all memecoins that saw massive gains following Donald Trump’s election win last year. These delistings come during a shaky time in the market. Trump’s new tariff policies against major trade partners have raised fears of a global trade war, leading to cautious investor behavior and shrinking liquidity across both crypto and traditional markets. What is Media Network? Launched in 2021, Media Network was a blockchain-based project that aimed to decentralize how online content is delivered. It lets users share their internet bandwidth in exchange for MEDIA tokens, creating an open, peer-to-peer system for content delivery. The project was reportedly backed by now-defunct Alameda Research , the crypto trading firm founded by Sam Bankman-Fried, according to crypto fundraising tracker platform ChainBroker. Alameda was the only listed investor and supported a $1 million public token sale on Raydium’s AcceleRaytor platform at $10 per token. All public sale tokens were unlocked at launch, while tokens for the team and advisors had an 18-month lockup with gradual release after that. Read more: Bitcoin price nears death cross as gold safe haven status continues

Source: crypto.news