The native token of the Movement layer-2 network defied the market-wide bloodbath with impressive gains, all thanks to high-profile exchange listings.
Movement (MOVE) is up 50% in the past 24 hours and is trading close to the $1 mark at the time of writing. The newly-launched asset reached an all-time high of $1.45 with a $3.15 billion market cap earlier today.
MOVE’s daily trading volume surpassed the $6 billion mark, showing massive investor interest.
Movement is an L2 blockchain, supporting MoveVM and Ethereum Virtual Machine transactions. According to is whitepaper, this allows developers to build decentralized applications on the “highly scalable” and secure network that are compatible with the Ethereum-based dApps.
Hours before it launched, leading South Korean exchange Upbit, announced to list the asset for trading with the Korean won, Bitcoin (BTC) and USDT trading pairs. Bithumb only listed MOVE on the won market.
Some of the leading centralized exchanges like Binance, OKX and Bybit announced to support trading MOVE on their platforms. These CEXs have a combined daily trading volume of roughly $90 billion, according to data from CoinGecko.
Movement launched with an airdrop to its testnet participants yesterday. Unlike the latest set of airdrops like Hamster Kombat (HMSTR), Notcoin (NOT) and Dogs (DOGS) which distributed tokens that were worth almost nothing and in some cases a few hundred US dollars, Movement allocated five to six figures to some of its farmers.
The platform’s testnet had over 3 million users, according to a DeFi analyst known as CC2 on X. CC2’s X post shows that some Sybil farmers collected nearly $100,000.
“Despite all the recent underwhelming airdrops, those anons remained unfazed, shut off their short-term emotions, and kept their eyes on the prize,” CC2 added.
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