Amid the crypto market crash-like conditions, where Bitcoin and major altcoins are on the downtrend, this newly launched crypto token Movement (MOVE) is gaining momentum on the charts. It is the first EVM Layer-2 for Ethereum, which uses Facebook’s designed Move programming language, making it stand out from the rest. Interestingly, the token was launched just yesterday but has succeeded in gaining investor’s attention. As a result, the MOVE price has soared 50% in the last 24 hours. Additionally, it reached the $3M market capitalization milestone earlier in the day, becoming the 60th top cryptocurrency in the market. However, amid the concerns of rising bear dominance and possible airdrop volatility, there are concerns about this token’s future.
Why is MOVE Price So Bullish Right After Launch?
Even though the token had a downtrend right after launch, it gained momentum right after that. The Movement token price has surged over 50% in the last 24 hours, with a minor dip here and there. More importantly, it achieved the ATH of $1.45 around a few hours ago, which is impressive for a newly launched token. This happened with the mass adoption of the token due to the team allocating 2% (20 million tokens) of the total supply (10 Billion) for the MOVE airdrop. With that, the team released $830M worth of the tokens, gaining investor’s attention.
The team has allocated 40% of the total supply to the community. Out of that, 17.5% is reserved for the early adopters. More importantly, it gained immediate listings on popular crypto exchanges like Binance, Upbit, OKX, and more.
Exchange listing often boosts a token’s demand, especially if the tokens achieve the Binance listing. With this, the Movement token is now the third project on the exchange’s HODLer Airdrops platform. As a result, many more exchanges are likely to follow listings. This revelation alone is continuously boosting its demand, where the MOVE price is at $0.97 with a trading volume of $6.66B, which clearly indicates its high demand.
Will the MOVE Airdrop Frenzy Continue to $3?
In the last few hours, the Movement token has entered a consolidation phase, where the MOVE price has dropped significantly away the ATH of $1.45, currently at $0.96. This has happened with the sellers getting active in the market after the distribution of the MOVE Airdrop. More importantly, the airdrop events often bring a downtrend due to increased liquidity in the market. This is why the X Empire price struggled on the charts and failed to recover even way past the event.
However, concluding the same for MOVE price performance is inconclusive as there’s not enough data to conclude its future outlook. However, the continuity of the consolidation could push the value down for now before gaining strength once the MOVE airdrop-induced volatility settles. Additionally, many analysts believe that the token might maintain its price below $1 unless the bullish dominance returns to the crypto market.
Bottom Line
Witnessing the Movement token attaining space in the top cryptos within a few hours of the launch, amazed investors. The token achieved listing from many popular exchanges, which increased adoption. With that, the MOVE price achieved a peak at $1.45 but is slowly moving down to the sellers getting active in the market. Many analysts believe that the token might witness a significant pulldown due to MOVE airdrop-induced volatility and the ongoing crypto market crash.
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