Zinger Key Points
- This surge was further fueled by reports that Movement is in discussion with Elon Musk's Department of Government Efficiency (DOGE).
- Musk’s DOGE is exploring blockchain technology to streamline federal operations, from tracking spending to managing buildings.
The price of Move MOVE/USD, the native token for the Movement Network, has rocketed upwards following a multi-million dollar investment from World Liberty Financial, a firm with ties to President Donald Trump and his family.
This move was further amplified by reports that the Layer-2 network is among several blockchain projects in discussions with Elon Musk's Department of Government Efficiency (DOGE).
These developments propelled the price of MOVE up by as much as 20% during Tuesday's trading session before paring some gains to settle at an impressive 13% increase.
The surge began in the morning hours as World Liberty Financial acquired $2 million worth of MOVE tokens through several transactions.
This significant investment injected considerable bullish sentiment into the token's market.
Arkham Intelligence's blockchain data confirms that the first of these trades took place at 14:22 UTC.
Also Read: How Donald Trump Could Make The Strategic Bitcoin Reserve A Reality
Crypto news service dbnews posted at 14:48 UTC that Movement is among the blockchains currently in talks with the Department of Government Efficiency.
Reports indicate that Musk, who heads this initiative, is examining the use of blockchain technology to enhance operations within the federal government.
This includes the potential for using blockchain to track federal spending, secure sensitive data, manage payments and even oversee government-owned buildings.
A report in Bloomberg highlighted that DOGE officials have been engaging with several public blockchain platforms.
The Movement network itself is an Ethereum ETH/USD layer-2 platform built utilizing the MoveVM coding language developed by Facebook.
This approach positions the network as a solution to Ethereum's scalability issues by seeking to provide a more efficient and higher-throughput alternative, suggesting a potential partnership with the U.S. government.
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