A little-known layer-2 cryptocurrency, Movement (MOVE), experienced a massive price surge after Coinbase added it to its trading platform.
A Quick Jump, Then a Dip
MOVE’s price rocketed over 135% on Monday, hitting a high of $1.45. This came on the heels of Coinbase’s announcement that it was listing the token. However, the gains were short-lived. The price quickly retreated, trading around $0.65 at the time of writing – a drop of about 13% in just 24 hours. Despite the dip, MOVE still boasts a market cap of $1.46 billion, making it the 96th largest cryptocurrency project.
Coinbase’s “Experimental” Label
Coinbase labeled MOVE as “experimental,” a designation it uses for tokens with higher-than-average risk. This is due to factors like price volatility and potential order cancellations stemming from lower trading volume. Despite this warning, MOVE also recently gained listings on Binance and Upbit, two other major exchanges.
Facebook’s Legacy and a Bullish Prediction
MOVE’s underlying technology is noteworthy. It’s built using the Move programming language, originally developed by a Meta-backed consortium for the now-defunct Diem project. This same language powers other prominent layer-1 blockchains like Sui (SUI) and Aptos (APT).
Venture capitalist Chris Burniske recently highlighted the potential of the Move ecosystem, suggesting that its relative obscurity could make it a promising investment opportunity. He stated that the ecosystem is “an uncrowded wave that might get very good.”
Disclaimer: This information is for general knowledge and shouldn’t be considered investment advice. Always do your own research before investing in cryptocurrencies.
/p>
