MOVE Token Surges 25% as Movement Announces $38M Buyback to Offset Market Maker Disruptions
Movement’s MOVE token soared 25% in early Asian trading hours as investors responded positively to the project’s announcement of a $38 million buyback program aimed at stabilizing its market.
The buyback initiative, called the “Movement Strategic Reserve,” comes in response to allegations that a market maker violated its contract by engaging in one-sided trading practices. According to Movement, the market maker profited $38 million while failing to provide adequate liquidity, disrupting the token’s trading dynamics.
While MOVE experienced a strong rally, the broader crypto market remained subdued. The CoinDesk 20 (CD20) index showed little movement, while Bitcoin (BTC) and Ether (ETH) recorded gains of less than 1%.
In a March 24 blog post, Movement stated that all recovered funds would be used for the buyback program, ensuring long-term liquidity and ecosystem support.
“We are committed to maintaining a fair and transparent market,” Movement’s statement read. “The Strategic Reserve will help restore confidence and return vital liquidity to the MOVE ecosystem.”
Binance also took action against the market maker, removing it from the exchange for violating liquidity provision rules. The exchange emphasized that all authorized market makers must ensure balanced bid-ask orders and avoid disruptive trading tactics.
“Any market maker engaging in manipulative behavior will face strict enforcement to protect traders,” Binance said in a statement.
The market’s strong reaction to Movement’s intervention suggests renewed confidence in the project, with the buyback serving as a key step toward stabilizing the token’s future.
