Newly Listed Crypto MOVE Soared 80% in a Day, Defying Market Downturn

While the broader crypto market faces falling prices,
a newly launched token dubbed MOVE captured the attention of digital asset traders with an
explosive 84% price surge within its first 24 hours. The crypto, utilizing a unique Move programming language initially
designed by Facebook, has emerged as a promising player in Ethereum’s
Layer-2 scaling space.

Despite a slow start after launch, MOVE quickly
recovered to hit an all-time high of $1.45. But as excitement over a massive
airdrop drives adoption, questions loom about whether this momentum is
sustainable.

Defying Bear Market

MOVE has partly been boosted by the airdrop that
allocated 2% of its total supply, 20 million tokens, to early adopters. This
was combined with immediate listings on leading exchanges like Binance, Upbit,
and OKX.

The token is part of the Movement Network, a Layer-2
Ethereum solution that utilizes the Move Virtual Machine. This technology reportedly enables rapid transaction finality, making it a standout among other scaling
projects.

“MoveDrop,” featured a $830 million airdrop targeting
early adopters. The airdrop released 1 billion MOVE tokens,10% of
the total supply, to boost both adoption and market enthusiasm. However, with 40% of the total supply reserved for
community rewards and early backers, concerns about potential sell-offs loom.
Such concerns are not unfounded.

Historically, airdrop-driven tokens face sharp
corrections once initial excitement fades. MOVE stands out due to its
foundation in the Move programming language, a creation of Facebook that is now
powering other notable blockchains like Sui and Aptos.

MOVE Technology

Movement Network’s Layer-2 solution reportedly allows
developers to build interoperable, high-performance blockchain applications
while bridging the gap between Ethereum and Move ecosystems. With backing from major players like Polychain Capital
and Binance Labs, Movement Labs is expected to drive innovation in Web3
technologies.

Recently, HTX, previously known as Huobi, announced plans to list MOVE tokens for spot trading. The news came amid the cryptocurrency’s upsurge, with deposits already underway and withdrawals also set to open. Since its launch, the MOVE token has reported rising trading volume and a growing market cap.

📣New Listing Alert!$MOVE @movementfdn on HTX!☑️Deposits Opened📈Trading Starts Soon!Details:https://t.co/mEolJzIib1 pic.twitter.com/YpB8QGN7DY

— HTX (@HTX_Global) December 10, 2024

According to the exchange, deposits for the token began at 2:30 UTC on December 10, and withdrawals will be available starting December 11 at 4:00 UTC. HTX users will reportedly be able to trade MOVE Token with tether (USDT) through a spot trading pair. The exchange added that spot trading will officially commence once the deposit volume meets market demand.

This article was written by Jared Kirui at www.financemagnates.com.