The price $MOVE – the token of the Ethereum Layer-2 Movement network – surged to $0.89 on Tuesday after World Liberty Financial, a DeFi platform linked to former President Donald Trump, spent $1.9 million to purchase this token.
Despite a slight correction, MOVE still rose 7% on the day, leading the crypto market compared to other major tokens like XDC Network (XDC).
Shocking Event: Trump's DeFi Project 'Pumps' Money Into MOVE
Blockchain data from Arkham Intelligence shows #WorldLibertyFinancial made this transaction on Tuesday morning. This is not the first time this platform has made large trades – last week, they purchased $47 million #wrappedbitcoin (WBTC) right after Trump took office.
Rushi Manche, co-founder of Movement Labs, expressed surprise at this move, asserting that his team is not involved in the transactions and is solely focused on launching the Developer Mainnet.
Rumors Related to Elon Musk and DOGE
Amid MOVE's price surge, rumors emerged that Movement Labs is negotiating with 'DOGE' – short for the Department of Government Efficiency, an organization led by Elon Musk, to apply blockchain in government financial management.
A report from Bloomberg last week also revealed that Musk's team is considering using public blockchain to improve transparency in government spending.
However, Manche dismissed this rumor, stating that Movement Labs has never contacted the DOGE organization. Nevertheless, this rumor still impacted the market, boosting the price of MOVE.
What is MOVE and Why is it of Interest?
MOVE is the token of Movement Network, a Layer-2 on Ethereum designed to reduce transaction fees and increase processing speed. The unique feature of Movement is that it uses the Move programming language, which was developed for Facebook's stablecoin project Diem (formerly Libra).
Currently, Move is also being used by two other major blockchains, Aptos and Sui, but they operate independently rather than as Layer-2 of Ethereum like Movement.
With attention from both the political sphere and major investors, can MOVE sustain its growth or is it just a temporary pump? 🚀
