Trump-Backed Firm Boosts MOVE Token 20% as Musk's DOGE Eyes Blockchain

The MOVE token, native to the Ethereum layer-2 network Movement, surged 20% on Tuesday following a $2 million purchase by Donald Trump-backed World Liberty Financial. According to blockchain data from Arkham Intelligence, the transactions took place during U.S. morning hours, sparking excitement among traders. Although MOVE eventually trimmed some gains, it remained up 13% by press time.

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. The altcoin trades at $0.8394 after sliding from its 24-hour peak. It exhibits a solid bullish trajectory after the swift uptrend. The massive surge in daily trading volume signals renewed trader and investor interest in MOVE. Technical indicators support the Movement's upward trajectory. For instance, the Chaikin Money Flow climbed from -0.37 to press time's 0.06 in the past week, indicating increased cash flowing into the MOVE ecosystem, signaling investor conviction of the alt's future performance. The 4H Moving Average Convergence Divergence displays optimism with a bullish crossover with the signal line. Continued gains would 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, meaning a more than 26% uptick from Movement's current price. However, enthusiasts can expect a brief decline after the massive surge. Meanwhile, broad market developments remain crucial for MOVE's near-term trajectory. The prevailing landscape suggests continued rallies for digital currencies. MicroStrategy's Michael Saylor expects Bitcoin's explosive move to $180K in the upcoming months.