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"Elon Musk's DOGE & Trump-Backed WLFI Fuel 38% Surge in Movement Token"

Coin WorldTuesday, Jan 28, 2025 1:55 pm ET

1min read

Movement, an Ethereum-based layer-2 solution leveraging zero-knowledge (ZK) technology for enhanced security and scalability, has witnessed a significant 38% surge in its token price. This remarkable rally can be attributed to two key developments: the interest shown by Elon Musk's Department of Government Efficiency (DOGE) and the substantial investment made by Donald Trump-backed World Liberty Financial (WLFI).

World Liberty Financial has been actively accumulating Ethereum, even during price dips. In a recent move, the company acquired 3,247 ETH for $10 million, following a previous purchase of 95 WBTC and 3,001 ETH over the weekend. These strategic acquisitions suggest that WLFI is bullish on the Ethereum ecosystem and its potential for growth.

The DOGE team, led by Elon Musk, is reportedly evaluating blockchains with cutting-edge technology and potential to ensure efficiency. This evaluation process has led to discussions with the Movement team, fueling speculation about the network's role in future government operations. The new supervisory initiative believes that blockchain technology can help reduce waste, abuse, and government fraud, aligning with Trump's priorities.

The MOVE token, native to the Movement network, has been trading at $0.8394 after sliding from its 24-hour peak. Despite this minor setback, the altcoin exhibits a solid bullish trajectory following a swift uptrend. The massive surge in daily trading volume signals renewed interest from traders and investors 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 4-hour Moving Average Convergence Divergence (MACD) displays optimism with a bullish crossover with the signal line. Continued gains could propel MOVE towards the resistance at $0.90. Overcoming this obstacle could catalyze significant gains past $1 to the early January levels of $1.140, representing a more than 26% uptick from Movement's current price. However, enthusiasts can expect a brief decline after the massive surge.

Broad market developments remain crucial for MOVE's near-term trajectory. The prevailing landscape suggests continued rallies for digital currencies, with MicroStrategy's Michael Saylor expecting Bitcoin's explosive

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