Regardless of the broader crypto market decline, Motion Community’s MOVE has surged over 6% at the moment and 14% in every week.
The bullish momentum follows the launch of Motion’s mainnet beta and recent ETF filings from Rex Shares and Osprey Funds.
Motion Community’s Mainnet Beta Goes Stay
The mainnet turned operational on March 10 at 15:00 UTC, providing a key bridging mechanism powered by LayerZero. Customers can now transfer belongings like MOVE, USDT, USDC, wBTC, and wETH onto the Movement blockchain.
The launch brings over $233 million in liquidity to the community, together with BTC, ETH, and MOVE, sourced by way of the Motion Cornucopia program. With this rollout, builders and customers can work together with the community freely for the primary time.
MOVE was originally developed as a part of Fb’s digital forex initiative, which was deserted in 2022.
Since then, the programming language has been used for layer-1 tasks like Sui and Aptos, whereas Motion Labs has prolonged it to create an Ethereum-based layer 2.
Rex Shares File for a MOVE ETF With SEC
On the identical day because the mainnet launch, funding corporations Rex Shares and Osprey Funds have filed to introduce an ETF monitoring the worth of MOVE.
Beforehand, Rex Shares has sought ETF approvals for various crypto assets, together with meme tokens like TRUMP, BONK, and DOGE.
The filings come because the SEC is seemingly turning extra pro-crypto and dropping securities standing for a lot of belongings. Earlier, the Fee introduced that it does not consider meme coins as securities.
Additionally, Below the brand new management, the regulator has dismissed several lawsuits and investigations involving corporations like Coinbase, Kraken, Robinhood, and extra. These optimistic developments are influencing extra altcoin ETF applications.
With these optimistic developments, MOVE has now crossed $1.2 billion in market cap. The altcoin’s buying and selling quantity has additionally surged by over 40% at the moment.
Disclaimer
In adherence to the Trust Project pointers, BeInCrypto is dedicated to unbiased, clear reporting. This information article goals to offer correct, well timed info. Nonetheless, readers are suggested to confirm info independently and seek the advice of with an expert earlier than making any choices primarily based on this content material. Please word that our Terms and Conditions, Privacy Policy, and Disclaimers have been up to date.