Crypto Carnage! 😱 Media Network Implodes!

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Right then, what ho! It appears that MEDIA, a crypto-whatsit, has rather taken a tumble. A nosedive, one might say, of over 60%. One shudders to think! This after Coinbase, with the sort of ruthless efficiency one usually associates with blighters foreclosing on mortgages, officially gave it the heave-ho from its platforms. 😲

Media Network (MEDIA), poor chap, sank to a positively ghastly $1.68 on April 16th. This, mark you, sheared its market cap from a perfectly respectable million-plus dollars to a paltry $430,000. The trading volume, in a fit of the vapors, plunged nearly 85% in the last 24 hours as users scrambled to exit like startled rabbits from a magician’s hat. 🐇

Coinbase, bless their cotton socks (or perhaps not), pulled the plug on MEDIA on April 15, 2025, at around 2:00 PM ET. A bit like pulling the rug from under a chap’s feet, what? Trading was halted across various services, including Coinbase.com (both Simple and Advanced Trade), Coinbase Exchange, and Coinbase Prime. Still, silver linings and all that. Users can still withdraw their tokens to external wallets, so there’s that, I suppose. 🤔

According to Coinbase, this delisting followed a routine asset review. One imagines stern-faced chaps in pinstripe suits, tutting and shaking their heads. Apparently, it’s all to ensure that all tokens meet their listing standards. No specific reason was given, mind you. Projects often get the boot due to low trading activity, slowed development, or possible regulatory concerns. Oh, the suspense! 🙄

Coinbase first announced plans to give MEDIA the old heave-ho on April 1st. And since then, the token has dropped by a staggering 84.5%. From its all-time high of $312.25, MEDIA has lost more than 99% of its value, according to CoinGecko. One can only assume the gecko is chuckling quietly to itself. 🤭

Further, the project’s lack of progress has also raised more red flags than one finds at a particularly enthusiastic Communist rally. Its official X account, @Media_FDN, has been inactive since August 2024. There have been no meaningful updates about the Media Network mainnet launch for nearly a year. Tsk, tsk. 🤨

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. Honestly, the cheek of some people! 😤

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 to feel the sharp end of Coinbase’s disapproval. Trading was also suspended for Floki, GIGA, and Turbo a day earlier, specifically for New York State residents. All memecoins, of course, that saw massive gains following Donald Trump’s election win last year. One can only wonder what the future holds for these chaps. 🧐

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. A perfectly beastly state of affairs, wouldn’t you agree? 😫

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. Sounds frightfully complicated, doesn’t it? 🤪

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 frightfully impressive, but look where it got them. 😒

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. A bit like being given the keys to the sweet shop, only to find it’s been boarded up. 😟

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2025-04-16 11:05