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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.
Updated Dec 9, 2024, 1:33 p.m. Published Dec 9, 2024, 11:41 a.m.
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.
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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.
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