MEDIA took a nosedive today, dropping over 60% after Coinbase officially delisted the token

MEDIA took a nosedive today, dropping over 60% after Coinbase officially delisted the token from all its platforms. Media Network (MEDIA)

Media Network (MEDIA) price today took a massive nosedive, dropping over 60% after Coinbase officially delisted the token from all its platforms.

As of Monday morning (April 15), MEDIA is trading at $1.68, cutting its market cap from over $1 million to around $430,000. Trading volume also fell sharply by nearly 85% in the last 24 hours as users quickly pulled out of the token.

Coinbase pulled the plug on MEDIA on Sunday 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.

The delisting followed a routine asset review meant to ensure all tokens met its listing standards, Coinbase explained. No specific reason for the delisting was given, but projects are usually 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, according to CoinGecko.

The project’s lack of progress has also been a cause for concern. Its official X account, @Media_FDN, hasn’t been updated since August 2024, and there have been no new 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 progress 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,” one user wrote in response to the last post-launch update.

Meanwhile, MEDIA isn’t the only token affected by a recent delisting, as Coinbase also suspended trading for Floki, GIGA, and Turbo on Sunday—specifically for New York State residents—all memecoins that saw massive gains following Donald Trump’s election win last year.

These actions come during a shaky time in the market. Trump’s new tariff policies against major trade partners have sparked 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 is a blockchain-based project that aims 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.