Trump-Backed Firm Boosts MOVE Token 20% With $2M Purchase

The MOVE token, native to the Ethereum layer-2 network Movement, surged by 20% on Tuesday following a significant development. Donald Trump-backed World Liberty Financial (WLFI) purchased $2 million worth of MOVE tokens during U.S. morning hours, sparking excitement among traders. Although the token trimmed some gains later in the day, it remained up by 13% at press time.

World Liberty Financial has been accumulating Ethereum and other cryptocurrencies, including MOVE, even during price plunges. The project recently acquired 3,247 ETH for $10 million, adding to its previous purchases of 95 WBTC and 3,001 ETH over the weekend. Sources close to the project suggest that WLFI evaluates blockchains with top-notch technology and potential to ensure efficiency, aligning with Trump's priorities to reduce waste, abuse, and government fraud.

The MOVE token's current price action shows a solid bullish trajectory following the swift uptrend. The altcoin trades at $0.8394 after sliding from its 24-hour peak. The massive surge in daily trading volume signals renewed trader and investor interest in MOVE. Technical indicators support the Movement's upward trajectory, with the Chaikin Money Flow climbing from -0.37 to 0.06 in the past week, indicating increased cash flowing into the MOVE ecosystem. The 4H Moving Average Convergence Divergence displays optimism with a bullish crossover with the signal line. Continued gains could propel MOVE towards the resistance at $0.90, with the potential for significant gains past $1 to the early January levels of $1.140, representing a more than 26% uptick from the current price.

Adding to these developments, reports revealed that Movement is in talks with Elon Musk's Department of Government Efficiency (DOGE). Musk, tasked with cutting federal expenses, is reportedly exploring blockchain applications for tasks like tracking spending and managing payments. According to Bloomberg, DOGE has reached out to several blockchain teams, including Movement, fueling speculation about the network's role in future government operations. As blockchain gains traction in government discussions and high-profile investments like Trump-backed World Liberty Financial's MOVE token purchase make headlines, staying informed is crucial for investors.