MOVE Token Sees 16% Surge Amid Rumors of Elon Musk’s Government Transparency Initiative

The MOVE token experienced a significant surge of 16% on January 29, following reports that Elon Musk’s Department of Government Efficiency team is considering the Movement blockchain for his government transparency efforts.

According to a recent report by Walter Bloomberg, citing a source familiar with the matter, “Movement among firms discussing blockchain use with Musk’s DOGE team.” This news sparked a wave of interest in the token, leading to a substantial price increase.

Large Purchase by World Liberty Financial

On-chain analysts also spotted a significant purchase of MOVE tokens by World Liberty Financial, a crypto project linked to Donald Trump. The firm acquired approximately $2 million worth of MOVE tokens, causing the price to jump from $0.71 to over $0.88 before stabilizing around $0.80.

This large purchase raised concerns about potential insider trading, with some critics accusing the firm of exploiting non-public information.

Oof, this is NOT a good look. WLFI multisig buys MOVE and then 10 minutes later the press reports the Movement talking to Musk story. Insane crime.

Movement Labs Denies Collaboration with World Liberty Financial and Musk’s DOGE Team

In response to these allegations, Movement Labs co-founder Rushi Manche stated that the team is not directly working with World Liberty Financial. Manche also denied any collaboration with Musk’s DOGE team, saying, “I don’t think we are in touch as far as I understand.”

Movement Labs Launches Developer Mainnet

Meanwhile, Movement Labs has been working on launching a developer mainnet to bring Facebook’s Move Virtual Machine (MoveVM) to Ethereum. This launch marks a crucial step toward the public mainnet beta, expected to roll out in February.

For more updates on the world of cryptocurrencies and blockchain, stay tuned to Global Crypto News.

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