The price of MOVE spiked Tuesday to $0.89, notching notable gains after World Liberty Financial—a DeFi platform affiliated with President Donald Trump and members of his family—purchased $1.9 million worth of the utility token for the Ethereum layer-2 network Movement.
Despite retracing slightly, the token is up 7% on the day to $0.77, CoinGecko data shows.
That was enough for MOVE to lead the crypto market among the top 100 tokens tracked by CoinGecko, outpacing XDC Network’s (XDC) 7% climb.
The MOVE purchases were made by World Liberty Financial, which counts Trump and several of his children as advisors, on Tuesday morning, according to on-chain data visible via Arkham Intelligence’s blockchain analytics platform.
The Trump-linked DeFi project’s purchases followed a spending spree last week, in which World Liberty Financial scooped up $47 million worth of wrapped Bitcoin amid Trump’s inauguration.
The development caught Movement Labs co-founder Rushi Manche completely off guard. He told Decrypt that Movement Labs had no involvement in the Trump-linked DeFi project’s purchases whatsoever, with its team “focused mostly on the Developer Mainnet Launch.”
The Movement Network Foundation, which launched MOVE in December, announced on X that Movement’s developer mainnet had gone live—allowing developers to begin deploying applications on the Ethereum layer-2 network.
While Manche said he knew little about World Liberty Financial’s thinking, he interpreted the purchases as “showing a vote of confidence in MOVE and Ethereum’s ecosystem.”
Eric Conner, founder of the Ethereum information site ETHHub, was among skeptics on Crypto Twitter who scrutinized the timing of World Liberty Financial’s purchases.
In a post on X, he said it was “not a good look” that the purchases took place just minutes before influential accounts like *Walter Bloomberg and db claimed that Movement Labs was in talks with the government.
Both accounts asserted that Movement Labs was in talks with Elon Musk’s Department of Government Efficiency (DOGE) about possibly implementing blockchain technology.
According to a Bloomberg report from last week, individuals involved in Musk’s cost-reduction initiative were evaluating the application of a public blockchain to enhance transparency in government spending.
Sanche said he could not confirm the rumor that moved markets, adding that Movement Labs has not had any communication with the DOGE—as far as he’s aware.
As a layer-2 network built on Ethereum, Movement seeks to offer users faster and cheaper transactions than its underlying blockchain. But as far as Ethereum scaling solutions go, Movement’s design is novel compared to an ever-growing list of options.
Movement was built using a programming language called Move, pioneered by the developers of Facebook’s defunct stablecoin project Diem. Those endeavors eventually led to the creation of Aptos and Sui, which also use Move but operate as standalone networks.
Edited by Sebastian Sinclair
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