The native token of the layer-two Ethereum network Movement has delivered significant gains to investors who were eligible to receive its airdrop on December 9.
Within the first 24 hours, the token’s price rose from around $0.70 to over $2 at some point the day after the airdrop.
Although the price has settled above the $1 mark since then, $MOVE is still producing a 59% return since its launch according to data from CoinMarketCap.
Its success has been primarily aided by Binance’s support of the project and the decision from other major crypto exchanges like Coinbase to enable MOVE trading within their platforms.
Movement’s market cap currently stands at $2.36 billion while its trading volume sits at $800 million or a third of its market cap in the past 24 hours. During its launch, trading volumes surged to a staggering total of $6.34 billion.
The MOVEDrop, as the event was called, allocated 10% of the token’s total supply to early adopters and die-hard supporters of the protocol. Meanwhile, 22.5% of its supply went to early investors who participated in its presale in April this year.
The maximum supply of the token is 10 billion of which 2.25 billion approximately are currently in circulation. This means that once these additional tokens start to be released, the market cap of the project could rise as long as the price holds.
The Movement network aims to solve the scalability issues that have prevented the Ethereum network from becoming the preferred smart contracts network for developers.
The project simplifies the structure of smart contracts used for basic tasks like transferring assets or minting new assets to increase the number of transactions per second (TPS) that can be processed in the Ethereum blockchain.
MOVE Settles and Starts to Move Upwards Once Again
The crypto market has been recovering from the pullback it experienced shortly after the Federal Reserve made hawkish comments about its monetary policy and outlook for inflation in the United States.
Although the price of MOVE collapsed to around $0.60 just 9 days after its airdrop, it has been progressively recovering to the $1 level and has made two higher highs along the way since December 21.
The chart above indicates that the price action has formed an ascending price channel. This is a formation that indicates that the prevailing trend’s direction is upward.
The $1.2 mark is currently the most relevant resistance to overcome based on this 1-hour chart. It is worth noting that the Relative Strength Index (RSI) exhibited a bearish divergence during the latest price increase.who ha
However, that signal may have already exhausted its expected outcome, which means that MOVE could soon make another push toward this area of resistance.
Trading volumes at the moment are way lower than they were after the airdrop. Investors should keep track of how the demand for the token behaves in the following days as a push above $1.2 that is accompanied by volumes exceeding $1.5 billion or so may indicate that traders are ready to take the token to new heights.
The favorable conditions of the market following Donald Trump’s victory and analysts’ opinion that alt-coin season could be about to start are considered a tailwind to crypto projects that have been waiting for the right time to launch their corresponding airdrops.
The success of the MOVE airdrop could pave the way for other projects like the Solana-based meme coin minting platform Pump.fun and the decentralized social media platform Farcaster.
This Solana Layer-Two Project Has Already Raised $6M from Investors During its Presale
The $MOVE airdrop was quite profitable for investors who poured money into the project at an early stage. However, identifying and participating in presale events is often reserved for deep-pocketed investors.
This is not the case for Solaxy, a layer-two Solana protocol that aims to solve the congestion issues that have prevented the network from surpassing Ethereum as the go-to smart contracts blockchain of the crypto space.
Solaxy’s goal is similar to Movement. It aims to reduce network congestion by bundling transactions offline to alleviate the mainnet.
In just a few days, the Solaxy presale has raised $6.2 million from investors as its value proposition has already proven successful in other instances.
Its utility token $SOLX is being offered at a discounted price of $0.001582 but the offer will expire in less than 40 hours.
Perhaps you missed the $MOVE airdrop but you can still take part in this appealing presale event that could deliver 10X gains to early investors once the token is listed on major exchanges.
To buy $SOLX, visit the official website of Solaxy and connect your wallet. You can convert ETH, USDT, or BNB tokens or use a bank card to complete your purchase.
Once the presale ends, these tokens will be deposited in your wallet automatically.
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