Movement Network, an Ethereum layer-2 blockchain, launched its native token, MOVE, with a massive airdrop on Monday.
The platform distributed 1 billion MOVE tokens to early adopters and community members. This launch sparked a significant rally in MOVE’s price, drawing widespread attention in the crypto world.
Airdrop Spurs MOVE Token Rally
The MOVE token debuted on Binance’s airdrop portal and was also listed on South Korean exchanges Upbit and Bithumb. Within six hours of its launch, MOVE surged to $0.74, achieving a market cap of $1.6 billion. Trading activity was intense, with nearly $450 million in volume recorded in just 90 minutes.
The Movement Labs team, which developed the blockchain network, had previously raised $38 million in Series A funding. The round, led by Polychain Capital, highlights the network’s strong backing.
What Powers the MOVE Token?
MOVE operates on MoveVM, a virtual machine built using the Move programming language, originally developed by Facebook. This technology also underpins other innovative projects like Sui and Aptos.
The total supply of MOVE is capped at 10 billion tokens, distributed as follows:
- 10% allocated to the community and early users.
- 22.5% reserved for investors.
- 10% set aside for the network’s foundation.
This distribution model reflects a balanced approach to incentivizing adoption while funding long-term growth.
Airdrops Reshape the Crypto Market
Crypto airdrops remain a major driver of market activity. The MOVE token’s success follows other notable examples:
- Hyperliquid’s HYPE token surged 60% after a similar airdrop.
- The GRASS token airdrop from Grass Network gained attention despite technical hiccups.
- WalletConnect distributed 50 million WCT tokens to over 160,000 users in November, sparking debates over fairness and transparency.
Airdrops like these have proven effective for boosting community engagement and adoption. However, execution challenges—like unclear selection criteria or technical issues—highlight the need for greater reliability in future initiatives.
