Movement, an Ethereum Layer-2 scaling solution built using MoveVM, officially launched its native token, MOVE, on Monday. The Move Virtual Machine (MoveVM) leverages the Move programming language, originally developed by Meta (formerly Facebook) to drive security and efficiency for blockchain applications. Since its inception, Move has gained traction as the underlying technology for prominent blockchains like Sui and Aptos, known for their focus on high-speed and secure transactions.
The MOVE token debuted at $0.61, rapidly securing a $1.3 billion market cap while generating a staggering $441 million in trading volume within the first 90 minutes of trading. Its initial listings include Binance, where the token launched via the platform’s airdrop portal, and two major South Korean exchanges, Upbit and Bithumb. Trading opened at 13:00 UTC on Binance and 20:00 local time in South Korea.
This momentum follows Movement Labs’ $38 million Series A funding round in April, led by Polychain Capital, underscoring strong investor confidence in its innovative application of the Move programming language. MOVE’s maximum supply is capped at 10 billion tokens, with the distribution strategically allocated: 10% is reserved for early users and community members, 22.5% for investors, and 10% for the foundation.
To reward community engagement, MOVE’s airdrop claims can initially be made on the Ethereum network. However, users are incentivized to wait and claim on the Move network for a 1.25x bonus, showcasing Movement’s commitment to driving adoption of its own infrastructure.
This launch represents more than a token debut—it marks a significant milestone in the blockchain ecosystem. By harnessing Move’s inherent strengths in security and scalability, Movement positions itself as a key player in the Layer-2 landscape, bridging Ethereum with next-generation programming capabilities. The explosive debut of MOVE signals robust market enthusiasm for this promising project.
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