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

From financemagnates by Jared Kirui

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.

MOVE, Source: CoinMarketCap

“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.

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.