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Cryptocurrency News Articles

MOVE Token Surges 12% on Reports Linking Movement Labs to Elon Musk's Government Transparency Initiative

Jan 29, 2025 at 07:32 pm

MOVE token experienced a 12% surge on January 29, driven by reports linking Movement Labs to Elon Musk's government transparency initiative.

MOVE Token Surges 12% on Reports Linking Movement Labs to Elon Musk's Government Transparency Initiative

MOVE token price surged 12% on January 29 amid reports linking Movement Labs to Elon Musk’s government transparency initiative.

What Happened: According to a report by Walter Bloomberg on January 28, Musk’s Department of Government Efficiency team is considering blockchain technology, including Movement (CRYPTO: MOVE), as part of its plans.

The token’s price surged from $0.71 to reach $0.88 before stabilizing at $0.80.

The price increase was also fueled by a $2 million purchase of MOVE tokens by World Liberty Financial.

Trump’s World Liberty(@worldlibertyfi) bought another 3,191 $ETH($10M) and 2.4M $MOVE($1.88M) in the past 12 hours.

The 8 tokens purchased by World Liberty are currently all in a loss, with a total loss of $21.78M.

The biggest loss came from $ETH, totaling $14.9M.

World Liberty Financial, a crypto investment firm, made several substantial investments. See the full list below:

According to Arkham, World Liberty Financial’s total digital asset holdings now amount to $393 million, including $189.97 million in ETH and $62 million in stETH staked via Lido Finance.

However, reports indicate that the firm’s portfolio is currently at a loss of $21.78 million, largely driven by Ethereum’s recent price performance and seven out of eight tokens purchased are in the red.

Movement Labs, the developer of the Movement blockchain, has been expanding its ecosystem. The team recently launched its developer mainnet to integrate the Move Virtual Machine (MoveVM) with Ethereum.

This development is part of Movement’s efforts to attract more developers and expand functionality through a multifunctional liquidity program.

The MoveVM launch comes ahead of the Movement mainnet, which is expected to launch in February. Co-founder Rushi Manche clarified in a statement that the team is “not in direct communication” with either Musk’s DOGE team or World Liberty Financial, addressing concerns over potential collaboration rumors.

Technical Analysis: According to CryptoBull_360, the MOVE token broke out of a falling wedge pattern, which is a bullish continuation setup. The breakout occurred with strong trading volume, signaling renewed interest and potential upward momentum.

The 21-day moving average also shifted from bearish to bullish.

Technicals are indicating a breakout from a falling wedge pattern with high volume.

This setup is usually followed by a continuation in the direction of the breakout.

In MOVE’s case, it would lead to a further rally in the coming days.

Traders are watching for a continuation of the price rally as MOVE consolidates gains above key levels.

Traders are optimistic about short-term upward movement, with a target price near $1.

The market cap for MOVE now stands at $1.85 billion, reflecting the growing interest in the project and its ecosystem.

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Other articles published on Jan 30, 2025