MOVE Token reached a capitalization of 1.6 billion USD after Binance Airdrop

A blockchain platform called Movement Network, built on Ethereum’s second layer and using MoveVM, launched its native token MOVE on Monday with a massive airdro...

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A blockchain platform called Movement Network, built on Ethereum’s second layer and using MoveVM, launched its native token MOVE on Monday with a massive airdrop.

This airdrop distributed one billion MOVE Tokens to early adopters and community members.

MOVE Airdrop Triggers 60% Token Gain

This token appeared on Binance’s airdrop portal and also won listings on Korean exchanges such as Upbit and Bithumb.

Within six hours of its launch, MOVE is now trading at 74 cents, reaching a market capitalization of $1.6 billion. Trading activity increased sharply, with nearly $450 million in volume recorded in the first 90 minutes.

“Someone mined 36 wallets for the Movement network and received over 90,000 MOVE airdrops, currently worth around $66,000,” DeFi influencer Tobi write on X (formerly Twitter).

Movement Labs, the team behind the network, raised $38 million in a Series A funding round led by Polychain Capital in April.

Notably, this network uses the Move programming language, originally developed by Facebook. The language also supports other blockchain projects such as Sui and Aptos.

The total supply of MOVE is limited to 10 billion Tokens. Of this, 10% is allocated to early users and the community, while 22.5% is reserved for investors. An additional 10% is reserved for the network’s foundation fund.

MOVE Airdrop — MOVE Token price chart December 9. Source: CoinGecko

Airdrops Continue to Drive Crypto Market Activity

Airdrops have become a big trend in the crypto market this year. Earlier in the year, TON tap-to-earn games on Telegram, such as Hamster Kombat, stimulated interest with the promise of significant rewards.

Many other projects have followed. The token of the Layer-1 Hyperliquid network, HYPE, increased 60% in price after a large airdrop earlier this month.

Additionally, Grass Network’s GRASS Token airdrop in October also attracted attention. However, technical problems with Solana’s Phantom wallet have prevented some users from receiving their Tokens, causing frustration for those who are eligible.

Another on-chain protocol, WalletConnect, also conducted its first Token airdrop on October 1, distributing 50 million WalletConnect Tokens (WCT) to more than 160,000 users. Despite the scale of this initiative, questions have arisen about the selection criteria. There are significant concerns about equity and demands for greater transparency in future distributions.

Overall, crypto airdrops remain a powerful tool for encouraging community participation and expanding adoption. However, implementation challenges highlight the need for clear processes and reliable infrastructure.