NAIROBI (CoinChapter.com) — Media Network Crypto crashed on April 16, wiping out over 74% of its value in 30 days after Coinbase delisted the token from all platforms.
The price of MEDIA fell to $1.68 at its daily low, down from $6.62 earlier this month. It last traded at $2.68, shedding more than 60% in a single day. The market cap dropped from over $1 million to nearly $430,000. Trading volume shrank 85% over 24 hours, falling to just $51,210.
Coinbase officially halted all MEDIA trading on April 15 around 2:00 PM ET.
This included Coinbase.com’s Simple and Advanced Trade services, as well as Coinbase Prime and Coinbase Exchange. Users can still withdraw tokens to external wallets, but on-platform trading has ceased entirely.
The exchange stated the delisting followed a “routine asset review” that evaluates token compliance with its listing standards. Coinbase gave no explicit reason for MEDIA’s removal. However, projects with low trading activity, reduced development, or possible regulatory issues often face delistings during such audits.
Media Network Crypto Price Collapse Deepens After Coinbase Delisting
Coinbase announced the delisting on April 1. MEDIA has since fallen by over 84%. From its all-time high of $312.25 in 2021, the token has lost more than 99% of its value, according to CoinGecko.
The price decline steepened after a bearish technical signal appeared earlier this month. A “death cross” emerged on the daily chart, where the 50-day moving average fell below the 200-day, typically viewed as a long-term downtrend indicator. MEDIA was already under pressure, but the Coinbase announcement accelerated the sell-off.
The Relative Strength Index (RSI) stands near 26, showing MEDIA has entered oversold territory.
However, without buying catalysts, it remains unclear if the price will rebound meaningfully.
Community Blames Inactivity and Poor Communication
On-chain and social media activity around Media Network has slowed for months. The token’s official X account, @Media_FDN, has not posted since Aug. 2024. There have been no updates regarding the mainnet, despite promises during the Base launch in March 2024.
Developers have not issued statements since early 2024. Some users described the team as having “disappeared post-launch.” Others accused the project of misleading investors by failing to deliver on roadmap promises.
Lack of transparency and weak community engagement have compounded the situation. The delisting and price drop have drawn comparisons to other dormant tokens that failed after initial hype.
Other Tokens Also Hit by Coinbase Suspensions
MEDIA was not alone in facing scrutiny. A day earlier, Coinbase suspended Floki, Turbo, and GIGA for New York State residents. The delistings followed rising concerns over regulatory compliance and token classification amid Donald Trump’s aggressive trade policies.
The U.S. president’s tariff push has rattled global markets. Investors pulled back from risk assets, including speculative memecoins and thinly traded tokens like MEDIA.
Media Network Once Backed by Alameda, Now Nearly Worthless
Launched in 2021, Media Network aimed to decentralize internet content delivery by rewarding users who shared unused bandwidth. It held a $1 million public token sale on Raydium’s AcceleRaytor, with tokens priced at $10.
According to crypto fundraising tracker ChainBroker, the only listed investor was Alameda Research, the now-defunct trading firm run by Sam Bankman-Fried. All tokens from the public sale were unlocked at launch, while team tokens had an 18-month vesting period.