MOVE Token Jumps 20% Following Trump-Linked Purchase and Musk’s DOGE Engagement
The MOVE token, native to the Ethereum layer-2 network developed by Movement Labs, surged by 20% on Tuesday, reaching $0.89, fueled by reports that World Liberty Financial, a firm associated with former President Donald Trump, had acquired a significant number of tokens. The uptick was further amplified by speculation that Movement Labs is engaging in discussions with the Department of Government Efficiency (DOGE), led by Elon Musk, about integrating blockchain technology into government operations. After a sharp increase, the token’s value settled at a 13% rise by press time.
Rushi Manche, co-founder of Movement Labs, swiftly addressed the circulating rumors, stating, “Our papers have never hit the DOGE desk. There’s a lot of speculation in the air.” He clarified that their growth team had not had any direct interactions with DOGE representatives and dismissed the claims as mere speculation.
Despite these rumors, Manche voiced optimism about the future, stating, “The blockchain firms that manage to be part of the government and align with this new political movement will be the ones that succeed in the long run.”
The rally began after World Liberty Financial, which has backing from the Trump family, made a $2 million purchase of MOVE tokens. Blockchain data from Arkham Intelligence revealed the first transaction took place at 14:22 UTC, triggering the initial surge in the token’s price.
The momentum continued when well-known crypto analyst dbnews posted on X, claiming that Movement Labs was in talks with Musk’s DOGE team regarding the potential use of blockchain for government functions. Musk’s department, tasked with identifying cost-saving solutions for the government, is reportedly interested in using blockchain for applications such as securing government data, managing federal payments, and improving transparency in government spending.
Bloomberg recently reported that DOGE representatives have had conversations with several public blockchain projects, further fueling speculation that Musk’s department is exploring partnerships with blockchain networks like Movement Labs.
In a post on X, Manche proudly declared, “We are proud to be the first altcoin, first modern blockchain platform, and first alternative VM under the new administration. MOVE is Made in America.”
Just before the rally accelerated, open interest for MOVE tokens surged on Coinbase, rising from 44 million to 55 million contracts, indicating that traders were positioning themselves for the move, according to crypto trader TheFlowHorse.
The swift price action raised questions about potential insider trading or market manipulation within the crypto community. However, Manche reassured the public that no backdoor deals had taken place, stating, “The Movement Foundation did not send tokens to anyone, including World Liberty Financial. It was purely market-driven buying activity.”
