The media took a nose today, lowering more than 60% after Coinbase has officially radiated the token with all its platforms.
The media network (Media) sank up to $ 1.68 on April 16, reducing its market capitalization by more than $ 1 million to around $ 430,000. The negotiation volume also plunged almost 85% in the last 24 hours while users rushed to leave.
Coinbase managed the media on April 15, 2025, around 2:00 p.m., prohibiting exchanges on several services, notably Coinbase.com (simple and advanced trade), Exchange Coinbase and Coinbase Prime. Although users can no longer exchange supports on Coinbase, they can always remove their tokens towards external wallets.
According to Coinbase, the radiation followed a review of routine assets intended to ensure that all the tokens met its registration standards. Although no specific reason has been given, projects are often struck off due to low commercial activity, a slowdown in development or possible regulatory concern.
Coinbase announced for the first time its intention to suppress the media on April 1, and since then, the token has dropped by 84.5%. Since its summit of $ 312.25, the media have lost more than 99% of its value by Coingecko.
In addition, the lack of progress in the project has also increased red flags. Its official account X, @Media_FDN, has been inactive since August 2024, and there has been no significant update to launch the Mainnet media network for almost a year.
The media were put online on the basis in March 2024, but the developers have since not managed to share developments or to engage with the community. The frustrated users criticized the team for disappearing after the launch, with great blame the prolonged silence of the fall of the token.
Meanwhile, the media is not the only token affected by a recent radiation, because Coinbase also suspended the exchanges of Floki, Giga and Turbo earlier, in particular for residents of New York State, all the same people who knew massive gains after the electoral victory of Donald Trump last year.
These crimes occur during a fragile period of the market. Trump’s new pricing policies against the main business partners have raised fears of a world trade war, leading to careful behavior of investors and the reduction of liquidity in the cryptographic and traditional markets.
What is the multimedia network?
Launched in 2021, Media Network was a blockchain -based project that aimed to decentralize the way online content is delivered. It allows users to share their internet bandwidth in exchange for multimedia tokens, creating an open and peer-to-peer system for content delivery.
The project would have been supported by Alameda Research, now disappeared, the crypto trading company founded by Sam Bankman Fried, according to the Crypto fund collection platform. Alameda was the only side investor and supported a sale of $ 1 million public token on the Raydium AcceleRaytor platform at $ 10 per token.
All the public sales tokens were unlocked at the launch, while the tokens for the team and the advisers had a locking of 18 months with a progressive release after that.
