Surge in Movement’s MOVE Token Following Major Acquisition
The native token of Movement, an innovative Ethereum layer-2 network developed using the MoveVM programming language created by Facebook, experienced a significant price surge on Tuesday. This spike in value was primarily triggered by the announcement that World Liberty Financial, a company backed by former President Donald Trump, purchased a substantial amount of MOVE tokens. Additionally, there are emerging reports indicating that the Movement network is in discussions with the Elon Musk-led Department of Government Efficiency (DOGE) regarding potential blockchain applications.
Following the news, the MOVE token soared by as much as 20%, reaching a peak price of $0.89 before slightly paring back its gains. As of the latest updates, the token remains up by 13% for the day.
This impressive price movement coincided with World Liberty Financial’s acquisition of a total of $2 million worth of MOVE tokens. These transactions were executed in multiple batches during the U.S. morning hours, with the first recorded transaction taking place at 14:22 UTC, as revealed by blockchain data analysis from Arkham Intelligence.
Moreover, the surge in the token’s value was further fueled by a post on X by well-known crypto analyst dbnews at 14:48 UTC. The post highlighted that the Movement team is actively engaged in discussions surrounding the use of blockchain technology for government operations. Notably, Elon Musk, the influential tech entrepreneur leading the Department of Government Efficiency, is reportedly exploring the implementation of blockchain technology for various functions, including tracking federal expenditures, securing sensitive data, facilitating payments, and managing government properties.
According to Bloomberg’s reports from last week, representatives from DOGE have engaged in conversations with leaders from several prominent public blockchains, indicating a broader interest in integrating blockchain solutions within government frameworks.
