Movement Labs’ MOVE Token Spiked After Rumors That It’s Advising Elon Musk’s D.O.G.E.

The modular network is reportedly in contact with the organization, but the reports remain unconfirmed.

Movement Labs (MOVE) spiked significantly today amid rumors that it is advising Elon Musk's Department of Government Efficiency (D.O.G.E.).

The modular network is reportedly in contact with the organization, though the reports remain unconfirmed.

Additionally, World Liberty Financial (WLFI), the Donald Trump-backed DeFi project, purchased around $2 million in MOVE tokens. This move suggests some correlation between the company and Trump's administration.

Movement Labs Advises D.O.G.E.

Headed by Elon Musk, D.O.G.E. is a new quasi-government organization that is exploring the role of blockchain. Several key crypto companies have rallied behind it, and rumors began circulating today that Movement Labs is advising D.O.G.E.

Its co-founder, Rushi Manche, alluded to these rumors after WLFI began purchasing MOVE earlier today.

“The strategic MOVE stockpile. We are proud to be the first altcoin, first modern blockchain platform, and first alternative virtual machine under the new administration. MOVE is Made in America,” Manche claimed on X (formerly Twitter).

There are no confirmed details about this potential collaboration, but this statement is lending credence to rumors. Trump’s crypto project purchased around $2 million worth of MOVE tokens, indicating some connection.

Even so, it's currently unclear what exactly Movement Labs is planning to contribute to D.O.G.E. Nonetheless, these D.O.G.E. rumors have caused huge spikes in Movement Labs' MOVE token.

The token gained nearly 100% after launching on Binance in December 2024. Within a week of launch, it reached a peak price of $1.45 and a market cap of $2.7 billion, but it saw consecutive corrections.

Earlier this month, Movement Labs announced $100 million in Series B seed funding. After these rumors took off, MOVE jumped up over 15%.

In general, it seems safe to assume that Movement Labs is contributing to D.O.G.E.'s existing inquiries. Musk directed the Department to explore blockchain's use cases for reducing government spending, so the company is probably tackling this question.

However, the firm is yet to make any affirmation of these rumors or any other potential indicators other than the latest WLFI investment.