- The Movement’s airdrop distributed 1 billion tokens to early participants.
- Due to rising trading volume and high demand, MOVE is poised for further gains.
Movement [MOVE] saw a rapid price spike in recent hours, rising by almost 60% within a day of going live. The MOVE crypto is an Ethereum [ETH] Layer 2 scaling solution using the Move Virtual Machine.
MoveVM allows transactions on Ethereum to be settled with one-second finality. In an interview, Rushi Mande, co-founder of the Move Network Foundation, said: “Move is a phenomenal language, very secure, high throughput.”
He added that two key requirements for its success are a vibrant ecosystem and a community loyal to the chain.
Airdrop spiked in movement interest and prices
The Movement Network Foundation launched MOVE on Monday, December 9, offering 10% of the total supply of initial claims. These claimants were eligible communities and participants who completed transactions and quests on the Movement testnet.
This meant that $830 million was up for grabs, a value now closer to $1 billion.
MOVE crypto also went live on December 9 on one of the most popular crypto exchanges, Binance. When trading began, it had a market capitalization of $1.6 billion.
Users who subscribed their BNB to the exchange’s products from December 2 to 5 were eligible for the airdrop going to their spot wallets.
MOVE crypto ready for more profits
Source: MOVE/USDT on TradingView
The 30-minute time frame showed that the $0.89 level was a strong support level. The momentum on the RSI was mainly bullish. The rising OBV also highlighted the high demand in recent hours.
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While price action data is limited, the available evidence showed that MOVE crypto is solidly bullish in the short term. It could see a retest and consolidation at the $0.9 level before rising further in the coming days.
Besides the local high at $1.31, the bulls’ next targets were at $1.47 and $1.74.
Disclaimer: The information presented does not constitute financial advice, investment advice, trading advice or any other form of advice and is solely the opinion of the writer
