MOVE rallies 50%, thanks to prominent exchange listings

The native token of the Movement layer-2 network has defied the market-wide bloodbath with impressive gains thanks to high-profile exchange listings.

Movement (MOVE) is up 50% in the last 24 hours and is trading near the $1 level at the time of writing. The newly launched asset hit an all-time high of $1.45 earlier today with a market cap of $3.15 billion.

Source: CoinGecko

MOVE’s daily trading volume exceeded $6 billion, indicating great interest from investors.

Move is an L2 blockchain that supports MoveVM and Ethereum Virtual Machine transactions. According to the whitepaper, this allows developers to build decentralized applications on the “highly scalable” and secure network that are compatible with Ethereum-based dApps.

Hours before its launch, South Korea’s leading exchange Upbit announced that it would list the asset for trading with Korean won, Bitcoin (BTC) and USDT trading pairs. Bithumb has only listed MOVE on the Won marketplace.

Some of the leading centralized exchanges such as Binance, OKX and Bybit have announced that they will support MOVE trading on their platforms. According to CoinGecko’s data, the total daily trading volume of these CEXs is approximately 90 billion dollars.

The move was initiated with an airdrop to testnet participants yesterday. Unlike recent airdrops such as Hamster Kombat (HMSTR), Notcoin (NOT), and Dogs (DOGS), which distributed tokens worth almost nothing and in some cases worth several hundred US dollars, the Movement allocated five to six figures for some of them. farmers.

While expert farmers left with at least 5 figs and true Sybilio’s with close to 6 figs, the movement somehow managed to reward Testnet participants handsomely.

More than 3 million (!) Testnet wallets participated and it was completely free to do so.

I never expected this; credit… https://t.co/tS8hzknme8 pic.twitter.com/s7WedeDwBp

— CC2 (@CC2Ventures) December 9, 2024

According to a DeFi analyst at X known as CC2, the platform’s testnet had more than 3 million users. CC2’s X post shows some Sybil farmers raising nearly $100,000.

“Despite all the lackluster airdrops of late, these anons remain unimpressed, turning off their short-term emotions and keeping their eyes on the prize,” CC2 added.

Disclosure: This article does not constitute investment advice. The content and materials on this page are for educational purposes only.