MOVE Token Rises 6% After Movement Mainnet Beta Launch and ETF Applications

Amidst a downturn in the cryptocurrency market, the MOVE token of Movement Network has surged by more than 6% today and 14% over the past week.

This positive trend can be largely attributed to the operational launch of Movement’s mainnet beta and the recent ETF applications filed by Rex Shares and Osprey Funds.

Movement Network's Mainnet Beta Launch

The mainnet beta launched on March 10 at 15:00 UTC, enabling a crucial bridging mechanism that is powered by LayerZero technology. This launch permits users to transfer assets such as MOVE, USDT, USDC, wBTC, and wETH onto the Movement blockchain.

With this rollout, the network gains over $233 million in liquidity, including BTC, ETH, and MOVE, facilitated through the Movement Cornucopia program. For the first time, developers and users can interact with the network seamlessly.

The MOVE token was initially developed as part of Facebook’s digital currency initiative that was ultimately abandoned in 2022. Since then, its programming language has been employed in layer-1 projects including Sui and Aptos. Movement Labs has further tailored this language to create an Ethereum-based layer 2 solution.

Rex Shares Files for a MOVE ETF with the SEC

Coinciding with the mainnet launch, investment firms Rex Shares and Osprey Funds submitted applications to establish an Exchange-Traded Fund (ETF) that tracks the price movements of the MOVE token.

Previously, Rex Shares has pursued ETF approvals for various cryptocurrencies, including popular meme tokens like TRUMP, BONK, and DOGE. The current ETF filings arrive at a time when the SEC appears to be adopting a more crypto-friendly stance, having recently declared that it does not classify meme coins as securities.

Under new leadership, the SEC has also dismissed several lawsuits and investigations against notable firms such as Coinbase, Kraken, and Robinhood. This evolving landscape has prompted an increase in altcoin ETF applications.

With these favorable developments, the market capitalization of MOVE has surpassed $1.2 billion, and trading volumes for the altcoin have seen an increase of over 40% today.