Binance Listing Drives Market Cap to $1.6 Billion
Movement Network, a blockchain platform built on Ethereum Layer 2 using MoveVM, launched its native token MOVE via a massive airdrop on Monday.
The airdrop distributed 1 billion MOVE tokens to early adopters and community members.
MOVE airdrop triggers 60% rise in tokens
Token debut on Binance airdrop Portal and listed on Korean exchanges Upbit and Bithumb.
Within six hours of launch, MOVE is currently trading at 74 cents, giving it a market capitalization of $1.6 billion. Trading activity surged, with volume in the first 90 minutes approaching $450 million.
“Someone created 36 wallets for the Movement network and received over 90,000 MOVE airdrops, currently worth approximately $66,000,” Decentralized Finance influencer toby wrote on X (formerly Twitter).
Movement Labs, the team behind the network, raised $38 million in Series A funding. In April, the project was led by Polychain Capital.
Most notably, the network uses the Move programming language originally developed by Facebook. The language also powers other languages Blockchain project like Sui and Aptos.
The total supply of MOVE is capped at 10 billion tokens. Among them, 10% is allocated to early users and the community, and 22.5% is reserved for investors. Another 10% is earmarked for network infrastructure.
Airdrops continue to drive cryptocurrency market activity
Airdrops have become a major trend in the cryptocurrency market this year. Earlier this year, TON’s click-to-earn money game On Telegram, for example Hamster fightingsparking interest by promising huge rewards.
Other projects have followed suit. The token of the first layer network HyperliquidFollowing a massive airdrop earlier this month, the price of HYPE increased by 60%.
There are also grass nets GRASS Token Airdrop in October attracted considerable attention. However, technical issues Solana’s Phantom Wallet This resulted in some users being unable to claim their tokens, frustrating eligible participants.
Another on-chain protocol, WalletConnect, also conducted its first token airdrop in November. Distribute 50 million WalletConnect Tokens (WCT) Over 160,000 users. Despite the size of the program, questions remain over the selection criteria. There are clear concerns about fairness and calls for greater transparency about future allocations.
comprehensive, Cryptocurrency Airdrop Still a powerful tool for fostering community engagement and scaling adoption. However, implementation challenges highlight the need for clear processes and reliable infrastructure.
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