MOVE rallies 50%, thanks to prominent exchange listings

by

As a seasoned researcher with years of experience in the cryptocurrency market, I must say that the recent performance of Movement (MOVE) is nothing short of impressive. After witnessing countless projects struggling to gain traction and failing to deliver on their promises, it’s refreshing to see one that has managed to defy the market-wide downtrend with such remarkable gains.

In simpler terms, the native currency of a Layer-2 scaling solution known as the Movement Network, bucked the trend of widespread market losses and recorded significant profits, largely due to its inclusion on popular cryptocurrency exchanges.

Over the last 24 hours, Movement (MOVE) has seen a surge of 50% and is currently hovering near the one dollar mark during this writing. Earlier today, this newly introduced asset peaked at an all-time high of $1.45, boasting a market capitalization of approximately $3.15 billion.

MOVE’s daily trading volume surpassed the $6 billion mark, showing massive investor interest.

Movement is a second-generation blockchain platform, equipped to handle MoveVM and Ethereum Virtual Machine transactions. As stated in its whitepaper, this enables developers to construct decentralized applications on a highly scalable and secure network that can interact seamlessly with existing Ethereum-based dApps.

Prior to its release, the prominent South Korean exchange, Upbit, declared that Bitcoin (BTC) and USDT could be traded against the Korean Won. Meanwhile, Bithumb has solely listed MOVE for trading in the won market.

A number of prominent centralized cryptocurrency exchanges such as Binance, OKX, and Bybit have declared they will facilitate trades for MOVE on their systems. These centralized platforms together handle approximately $90 billion in daily trading volume, based on statistics from CoinGecko.

Yesterday saw the initiation of a drop, delivered via air, for participants on Movement’s testnet. Unlike recent airdrops such as Hamster Kombat (HMSTR), Notcoin (NOT) and Dogs (DOGS) which distributed tokens worth virtually nothing or a few hundred US dollars, Movement distributed significant amounts – in the range of five to six figures – to some of its growers.

During the Testnet phase, participants were generously compensated, with some receiving as many as 5 figurative figures. The most skilled farmers even earned almost 6 figures worth! Surprisingly, Sybilio owners who were close to the mark also received significant rewards.

— CC2 (@CC2Ventures) December 9, 2024

On the platform, it was reported by a well-respected DeFi analyst named CC2 that the testnet boasted more than 3 million users. CC2’s post on X revealed that certain Sybil farmers amassed close to $100,000 in earnings.

Even though the recent airdrops have been disappointing, these individuals stayed calm, suppressed their temporary feelings, and continued to focus on their ultimate goal,” CC2 continued.

Read More

2024-12-10 10:29