MOVE Token Soars 12% Amid Musk Rumors and Trump-Linked Investments

MOVE token experienced a 12% surge on January 29, driven by reports linking Movement Labs to Elon Musk’s government transparency initiative. 

Walter Bloomberg reported on January 28 that Musk’s Department of Government Efficiency team is evaluating blockchain technology, including Movement, as part of its plans.

*MOVEMENT AMONG FIRMS DISCUSSING BLOCKCHAIN USE WITH MUSK'S DOGE TEAM: SOURCE

*BLOOMBERG REPORTED MUSK'S DOGE EVALUATING BLOCKCHAIN TECH FOR GOVT EFFICIENCY EFFORT

— *Walter Bloomberg (@DeItaone) January 28, 2025

The token’s price increased from $0.71 to $0.88 before stabilizing at $0.80, fueled by a $2 million purchase from World Liberty Financial. This purchase pushed trading volume to $584 million in the past 24 hours and reinforced market interest in MOVE’s bullish momentum.

World Liberty Financial Fuels Market Activity

World Liberty Financial, a crypto investment firm associated with Donald Trump, has made substantial investments in MOVE. The firm purchased 2.397 million MOVE tokens in four transactions totaling $1.88 million, alongside other assets such as Ethereum.

Trump's World Liberty(@worldlibertyfi) bought another 3,191 $ETH($10M) and 2.4M $MOVE($1.88M) in the past 12 hours.

The 8 tokens purchased by World Liberty are currently all in a loss, with a total loss of $21.78M.

The biggest loss came from $ETH, totaling $14.9M.… pic.twitter.com/pbrbdkPpAD

— Lookonchain (@lookonchain) January 29, 2025

Data from Arkham shows the firm’s total digital asset holdings amount to $393 million, with $189.97 million in Ether and $62 million in stETH staked via Lido Finance. 

Despite these investments, reports suggest the firm’s portfolio is currently at a loss of $21.78 million, largely driven by Ethereum’s recent price performance.

Movement Labs Expands Developer Ecosystem

Movement Labs has been actively advancing its blockchain ecosystem. The team recently launched its developer mainnet to integrate the Move Virtual Machine (MoveVM) with Ethereum. 

This development is part of Movement’s efforts to attract more developers and expand functionality through a multifunctional liquidity program.

The MoveVM launch positions Movement Labs for further adoption, with a public mainnet beta expected in February. Co-founder Rushi Manche clarified in a statement that the team is “not in direct communication” with either Musk’s DOGE team or World Liberty Financial, addressing concerns over potential collaboration rumors.

Technical Analysis Points to Bullish Momentum

Technical analysis by CryptoBull_360 shows the MOVE token has broken out of a falling wedge pattern, a bullish continuation setup. The breakout occurred with strong trading volume, signaling renewed interest and potential upward momentum.

Indicators such as the 21-day moving average also confirm a shift from bearish to bullish sentiment. This aligns with predictions of a continued price rally as MOVE consolidates gains above key levels. 

Traders remain optimistic about short-term upward movement, with a target price near $1.

MOVE’s market cap now stands at $1.85 billion, reflecting the growing interest in the project and its ecosystem.

FAQs: