Movement Network’s MOVE token surges 6% on mainnet beta launch, ETF filings

Movement Network’s MOVE token has surged by 6% following the launch of the Movement Mainnet Beta and the filing of ETF applications by Rex Shares and Osprey Funds. This surge comes despite a broader decline in the crypto market, highlighting the positive impact of these developments on the token's value.

The Movement Mainnet Beta went live on March 10 at 15:00 UTC, introducing a key bridging mechanism powered by LayerZero. This mechanism allows users to transfer assets such as MOVE, USDT, USDC, wBTC, and wETH onto the Movement blockchain. The launch brought over $233 million in liquidity to the network, sourced through the Movement Cornucopia program. This liquidity includes BTC, ETH, and MOVE, enabling developers and users to interact with the network freely for the first time.

MOVE was originally developed as part of Facebook’s digital currency initiative, which was abandoned in 2022. Since then, the programming language has been utilized in layer-1 projects like Sui and Aptos, while Movement Labs has extended it to create an Ethereum-based layer 2. The launch of the mainnet beta marks a significant milestone for the network, providing a robust infrastructure for decentralized applications and services.

On the same day as the mainnet launch, investment firms Rex Shares and Osprey Funds filed for an ETF tracking the price of MOVE with the SEC. This filing is part of a broader trend of increased interest in crypto ETFs, as the SEC has shown a more favorable stance towards cryptocurrencies. The Commission has recently announced that it does not consider meme coins as securities, and under new leadership, it has dismissed several lawsuits and investigations involving major firms. These positive developments have influenced more altcoin ETF applications, including the MOVE ETF filing.

With these developments, MOVE has now crossed $1.2 billion in market cap. The positive momentum surrounding the token is driven by the successful launch of the mainnet beta and the potential for increased institutional investment through the ETF filings. The network's ability to offer a key bridging mechanism and attract significant liquidity positions it as a strong player in the crypto space, despite the broader market decline.