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?
Disclaimer: This is not financial advice. Please do your own research or consult with a financial advisor before making any investment decisions. Investments in stocks can be risky and may result in loss of capital.
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