Circuits of Value (COVAL) experienced a significant decline in value following the decision by Coinbase 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 capitalization stands at $18.4 million, placing it as the 892nd-largest cryptocurrency. Additionally, COVAL’s daily trading volume surged by 2,760%, reaching $6.75 million.

Following this price drop, COVAL has declined by 99.99% from its all-time high of $133.01, recorded in January 2022. COVAL is the native token of the Circuits of Value ecosystem, which provides an asset management platform and an exchange. The token was launched on the Ethereum blockchain in early 2015.

The recent plunge in COVAL’s price is attributed to claims that Coinbase has decided to stop supporting the asset, as reported by users who received a notification earlier today. Many users have expressed their dissatisfaction with the exchange’s approach, citing a very short time window for the delisting.

Coinbase has not issued a response to the immediate request for comment on this matter.

One user, identified as Satoshi kakaroto, has alleged that the team behind COVAL has been involved in manipulating the token’s price.

$coinbase decided to remove trading for $coval. We pointed out manipulation several months ago.

On March 3, allegations surfaced that three Circuits of Value developers drained a significant amount of the token’s supply, labeling it a “Pump & Dump” project.

Data from Santiment indicates that the number of active COVAL exchange deposits surged from zero to 29 in the past 24 hours. Additionally, the number of active COVAL exchange withdrawals increased from seven to 59 over the same period. This trend suggests that investors are attempting to swap or withdraw their COVAL holdings due to the Coinbase delisting.

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