Even though the overall crypto market has been struggling, Movement Network’s MOVE token is on the rise. It has gained 6% today and is up 14% this past week.
The surge comes after Movement’s mainnet beta launch and new ETF (exchange-traded fund) filings from investment firms Rex Shares and Osprey Funds.
Movement Network’s Mainnet Beta Goes Live
On March 10 at 15:00 UTC, Movement Network launched its mainnet beta, powered by LayerZero technology. This launch allows users to transfer assets like MOVE, USDT, USDC, wBTC, and wETH onto the Movement blockchain.
The launch also brings in over $233 million in liquidity, including Bitcoin (BTC), Ethereum (ETH), and MOVE, thanks to the Movement Cornucopia program. With this rollout, both developers and users can finally explore and interact with the network.
Interestingly, the MOVE token has an interesting history. It was first created as part of Facebook’s digital currency project, which was shut down in 2022. Since then, the MOVE programming language has been used in blockchain projects like Sui and Aptos, while Movement Labs has adapted it to work as an Ethereum layer-2 solution.
ETF Filings Could Boost MOVE Even Further
On the same day as the mainnet launch, Rex Shares and Osprey Funds filed to create a MOVE ETF with the U.S. Securities and Exchange Commission (SEC).
Rex Shares has previously tried to launch ETFs for different crypto assets, including meme coins like TRUMP, BONK, and DOGE. These new ETF filings come at a time when the SEC is softening its stance on crypto, recently stating that meme coins are not securities.
Under its new leadership, the SEC has also dropped lawsuits and investigations against major crypto firms like Coinbase, Kraken, and Robinhood. These positive changes have encouraged more altcoin ETF applications, which could further boost investor confidence.
MOVE Hits $1.2 Billion Market Cap
Thanks to these recent developments, MOVE’s market value has now crossed $1.2 billion. Its trading volume has also jumped by over 40% today, showing growing interest from traders.
With a successful mainnet launch and potential ETF approval on the horizon, MOVE could be one of the hottest tokens to watch in the coming weeks.
