MOVE Token Reaches $1.6 Billion Market Cap After Airdrop Launch on Binance
In Brief
- MOVE token launched with a $1.6 billion market cap after its Binance listing and airdrop.
- The token recorded $450 million in trading volume within the first 90 minutes of launch.
- Movement Labs raised $38 million in Series A funding earlier this year, led by Polychain Capital.
Movement Network, a blockchain platform built on Ethereum’s layer-2 using the MoveVM, launched its native token, MOVE, on Monday with a massive airdrop.
The airdrop distributed one billion MOVE tokens to early adopters and community members.
MOVE Airdrop Triggers 60% Rally for the Token
The token debuted on Binance’s airdrops portal and also secured listings on South Korean exchanges Upbit and Bithumb.
Within six hours of its launch, MOVE currently trades at 74 cents, reaching a market capitalization of $1.6 billion. Trading activity surged, with nearly $450 million in volume recorded in the first 90 minutes.
“Someone farmed 36 wallets for Movement network and got 90,000+ MOVE airdrop, currently worth around $66,000,” DeFi influencer Tobi wrote on X (formerly Twitter).
Movement Labs, the team behind the network, raised $38 million in a Series A funding round. This was led by Polychain Capital in April.
Most notably, the network uses the Move programming language, originally developed by Facebook. The language also powers other blockchain projects like Sui and Aptos.
The total supply of MOVE is capped at 10 billion tokens. Of this, 10% was allocated to early users and the community, while 22.5% was reserved for investors. Another 10% is designated for the network’s foundation.
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Airdrops Continue to Drive Crypto Market Activity
Airdrops have been a major trend in this year’s crypto market. Earlier this year, TON’s tap-to-earn games on Telegram, such as Hamster Kombat, fueled interest with promises of substantial rewards.
Other projects have followed suit. Layer-1 network Hyperliquid’s token, HYPE, saw a 60% price jump after a major airdrop earlier this month.
Also, Grass Network’s GRASS token airdrop in October drew considerable attention. However, technical issues with Solana’s Phantom wallet left some users unable to claim their tokens, sparking frustration among eligible participants.
Another on-chain protocol, WalletConnect, also conducted its first token airdrop in November, distributing 50 million WalletConnect Tokens (WCT) to over 160,000 users. Despite the initiative’s scale, questions arose over the selection criteria. There were notable concerns about fairness and calling for greater transparency in future distributions.
Overall, crypto airdrops remain a powerful tool for fostering community engagement and expanding adoption. Yet, the challenges in execution highlight the need for clear processes and reliable infrastructure.
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