MOVE surges 12% to $0.80 amid Elon Musk integration speculation
MOVE rose by more than 12%
The modular blockchain ecosystem Movement Network continues to stir the crypto space for a second day. Following a major token purchase by the crypto project World Liberty Financial, MOVE’s price surged even higher after reports surfaced about potential use of Movement by Elon Musk’s DOGE department.
On January 29, the MOVE token rose by more than 12% and was trading above $0.80 at the time of writing, as traders assessed reports suggesting that Elon Musk is considering the project to enhance government spending transparency.
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Many view this news in the context of the Trump-linked World Liberty Financial's $2 million purchase of MOVE tokens the previous day. This acquisition quickly pushed MOVE’s price from $0.71 to over $0.88. However, it later dropped to $0.76, prompting Movement Labs co-founder Rushi Manche to deny insider trading allegations, refuting direct ties to WLF and now also to Elon Musk.
“As far as I know, we are not in communication,” the Movement co-founder stated when asked about ties to the head of the DOGE department.
Ahead of Major Developments
Movement Network is a modular blockchain ecosystem based on Move, developed with the support of Polychain Capital, Binance Labs, Hack VC, Placeholder, and Archetype Movement Labs. It enables developers to build secure, high-performance, and interoperable blockchain-based applications.
Currently, Movement Labs is focused on launching its mainnet, which will bring Facebook’s Move Virtual Machine—also known as MoveVM—to Ethereum. The public beta launch of the mainnet is expected in February.
As we wrote, according to Bloomberg, Elon Musk and his Department of Government Efficiency (DOGE) are in discussions with blockchain providers, evaluating the potential for integrating blockchain technology into federal government systems.
