MOVE Token Jumped 16% Wednesday Amid Rumors That Elon Musk Is Considering the Movement Blockchain for His Government Transparency Initiative

Movement's (MOVE) token gained 16% on Jan. 29 as reports surfaced that Elon Musk's Department of Government Efficiency team is evaluating the blockchain for his transparency efforts.

The price of MOVE token soared by 16% on Wednesday, following reports that Elon Musk's Department of Government Efficiency team is considering using the Movement blockchain for his government transparency initiative.

According to a report by Walter Bloomberg on Wednesday, citing a source familiar with the matter, Movement is among the firms discussing blockchain use with Musk's DOGE team, as part of his efforts to improve government efficiency through technology.

"Movement among firms discussing blockchain use with Musk's DOGE team: source," the Bloomberg report said, adding that Musk's DOGE team is evaluating blockchain technology for the Trump administration's government efficiency effort.

"Musk's DOGE team, named after his beloved cryptocurrency, is reportedly handling the initiative, focusing on blockchain tech to improve gov't efficiency, as part of Trump's broader effort to streamline bureaucracy," the report added.

Meanwhile, on-chain analysts also spotted a large purchase by World Liberty Financial, a crypto project linked to former President Donald Trump, which pushed the price of MOVE token up rapidly.

According to on-chain data, a multi-signature wallet belonging to World Liberty Financial purchased around $2 million worth of MOVE tokens, quickly pushing the price up from $0.71 to over $0.88 before settling at around $0.80.

The large purchase and its timing, coming just as reports of Musk's team considering Movement are emerging, sparked concerns among some in the crypto community about potential insider trading.

"Oof, this is NOT a good look," one crypto user commented on the on-chain data, adding that "World Liberty Financial multisig buys MOVE and then 10 minutes later the press reports the Movement talking to Musk story."

"Insane crime," the user added.

However, Movement Labs co-founder Rushi Manche denied that the team is directly working with World Liberty Financial, telling crypto media that Movement is "not in direct communication with the Trump-backed DeFi project."

Manche also said that he was not aware of any collaboration between Movement and Musk's DOGE team, adding that "I don’t think we are in touch as far as I understand."

On the other hand, Movement Labs has been actively engaged in launching a developer mainnet to integrate Facebook's Move Virtual Machine (MoveVM) with Ethereum.

The launch marks a significant step toward the public mainnet beta, which is expected to be launched in February, bringing MoveVM's capabilities to a wider audience of developers.