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Movement Network's MOVE Trades at $1.3B Market Cap Amid Airdrop
The Movement Network was built using Facebook's programing language Move.
What to know:
- The MOVE token will have a maximum supply of 10 billion with 10% of that being allocated to early users and community members.
- 22.5% of supply will be set aside for early investors, the company raised $38 million in April.
- The Movement Network was built using Move, a programing language created by Facebook that is behind the Sui and Aptos networks.
Movement, an Ethereum layer-2 network that was built using MoveVM, issued its native token on Monday with a portion of the tokens being airdropped to early users and community members.
MOVE is currently trading at 61 cents representing a $1.3 billion market cap on the back of $441 million worth of trading volume in the first 90 minutes since going live.
STORY CONTINUES BELOW
The token, MOVE, was listed on Binance via the exchange's airdrops portal, and was also be listed on prominent South Korean exchanges Upbit and Bithumb.
Movement Labs raised $38 million in a Series A financing round led by Polychain Capital in April. Move is a programing language first designed by Facebook and has since been used to create Sui and Aptos.
MOVE will be listed on Binance at 13:00 UTC and 20:00 local time on Upbit.
The maximum supply of MOVE is 10 billion, with 10% of that being allocated to early users and community. 22.5% of tokens have also been set aside for investors whilst 10% will go to the foundation.
Airdrop claims can initially be made on the Ethereum network although users can wait to receive a 1.25x boost by claiming it on the Move network at a later date, according to the company's website.
UPDATE (Dec. 9, 13:28 UTC): Adds paragraph on MOVE price action, updates headline to include price.
Oliver Knight
Oliver Knight is the co-leader of CoinDesk data tokens and data team. Before joining CoinDesk in 2022 Oliver spent three years as the chief reporter at Coin Rivet. He first started investing in bitcoin in 2013 and spent a period of his career working at a market making firm in the UK. He does not currently have any crypto holdings.
