Circuits of Value (COVAL) has experienced a significant downturn in its market value after Coinbase announced the suspension of trading for the asset.

In the past 24 hours, COVAL plummeted by 41%, with its current trading price at $0.01. The market capitalization of the asset now stands at $18.4 million, positioning it as the 892nd largest cryptocurrency by market cap. Despite the sharp decline in price, COVAL's daily trading volume spiked dramatically by 2,760%, reaching $6.75 million.

This steep decline marks a staggering 99.99% drop from COVAL's all-time high of $133.01, which was recorded in January 2022. COVAL, launched on the Ethereum blockchain in early 2015, serves as the native token of the Circuits of Value ecosystem, offering an asset management platform and exchange services.

The plunge in COVAL's price follows reports from users claiming that Coinbase notified them of its decision to cease support for the asset. This abrupt delisting announcement has sparked criticism among users, who have expressed dissatisfaction with the exchange's handling of the situation and the short notice provided.

Coinbase has not responded to requests for immediate comment regarding the delisting of COVAL.

Additionally, concerns about COVAL's market integrity have surfaced, with some users alleging that the project's team has been involved in price manipulation activities. Reports from earlier this year suggested accusations of a "Pump & Dump" scheme involving COVAL developers, adding to the negative sentiment surrounding the token.

Data from Santiment reveals a notable increase in COVAL's active exchange deposits and withdrawals over the past 24 hours. The number of active deposits surged from zero to 29, while withdrawals increased from seven to 59. This uptick indicates heightened trading activity as investors rush to adjust their positions in response to Coinbase's delisting decision.

As COVAL continues to navigate through these challenges, investors and stakeholders will be closely monitoring developments in the aftermath of its delisting from Coinbase. The impact of these events on COVAL's long-term market performance remains uncertain, with market participants awaiting further clarity on its future prospects.