Layer-2 token MOVE has surged 12% in the past 24 hours, making it the market’s top gainer. The rally follows news that World Liberty Financial, a Trump-backed DeFi platform, purchased $2 million worth of MOVE tokens on Tuesday.
Arkham Intelligence reports that the purchase was made in multiple batches, with the first transaction settling at 14:22 UTC. Just minutes later, at 14:48 UTC, a crypto account on X, DB, claimed that Movement is in discussions with Elon Musk’s Department of Government Efficiency (D.O.G.E). However, Movement’s co-founder Rushi Manche denied any official communication.
Despite the surge, bearish sentiment remains strong. MOVE’s funding rate has plummeted to -0.084%, its lowest since January 7, signaling increased short positions. Additionally, the token has seen consecutive spot outflows totaling $19 million, with another $440,470 exiting the market on Wednesday.
Profit-taking could erase MOVE’s gains, pushing it down to $0.71 or even $0.55 if support fails. Conversely, if demand surges, MOVE could break past $0.87 and head toward $1.08.
The question now: is this just a hype-driven pump, or can MOVE sustain its momentum?
Arkham Intelligence reports that the purchase was made in multiple batches, with the first transaction settling at 14:22 UTC. Just minutes later, at 14:48 UTC, a crypto account on X, DB, claimed that Movement is in discussions with Elon Musk’s Department of Government Efficiency (D.O.G.E). However, Movement’s co-founder Rushi Manche denied any official communication.
Despite the surge, bearish sentiment remains strong. MOVE’s funding rate has plummeted to -0.084%, its lowest since January 7, signaling increased short positions. Additionally, the token has seen consecutive spot outflows totaling $19 million, with another $440,470 exiting the market on Wednesday.
Profit-taking could erase MOVE’s gains, pushing it down to $0.71 or even $0.55 if support fails. Conversely, if demand surges, MOVE could break past $0.87 and head toward $1.08.
The question now: is this just a hype-driven pump, or can MOVE sustain its momentum?
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.