Movement Network’s MOVE Trades at $1.3B Market Cap Amid Airdrop

Movement, an Ethereum layer-2 network that was built using MoveVM, issued its native token on Monday with a portion of the tokens being airdropped to early users and community members.

MOVE is currently trading at 61 cents representing a $1.3 billion market cap on the back of $441 million worth of trading volume in the first 90 minutes since going live.

The token, MOVE, was listed on Binance via the exchange’s airdrops portal, and was also be listed on prominent South Korean exchanges Upbit and Bithumb.

Movement Labs raised $38 million in a Series A financing round led by Polychain Capital in April. Move is a programing language first designed by Facebook and has since been used to create Sui and Aptos.

MOVE will be listed on Binance at 13:00 UTC and 20:00 local time on Upbit.

The maximum supply of MOVE is 10 billion, with 10% of that being allocated to early users and community. 22.5% of tokens have also been set aside for investors whilst 10% will go to the foundation.

Airdrop claims can initially be made on the Ethereum network although users can wait to receive a 1.25x boost by claiming it on the Move network at a later date, according to the company’s website.

UPDATE (Dec. 9, 13:28 UTC): Adds paragraph on MOVE price action, updates headline to include price.