When Trump & Musk Collide: MOVE’s Wild Ride 🚀

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Breaking news, folks! The Layer-2 (L2) token MOVE has just jumped 12%, making it the market’s top gainer. Why? Because the Donald Trump-backed DeFi platform World Liberty Financial just bought $2 million worth of MOVE tokens. Yes, you read that right! 🎉

But wait, there’s more! The Elon Musk-led Department of Government Efficiency (D.O.G.E.) might be interested in MOVE too. However, don’t get your hopes up just yet. The Movement’s co-founder, Rushi Manche, has clarified that they haven’t officially talked to D.O.G.E. yet. 😅

MOVE Token Soars After Trump-Linked Purchase

On Tuesday, the Trump family-backed DeFi platform World Liberty Financial bought $2 million worth of MOVE tokens. The purchase occurred in multiple batches during the US morning hours, with the first transaction settling at 14:22 UTC. And guess what happened next? A few minutes later, at 14:48 UTC, a prominent crypto account on X DB reported that the Movement is one of the blockchain networks currently in discussions with the D.O.G.E. 😱

But let’s not forget, Rushi Manche wants to make it clear that the Layer-2 network has had no official communication or contact with the D.O.G.E. “hectic morning as usual and appreciate all the support from everyone. (I) want to clarify that nothing from the movement labs offices or growth team have crossed DOGE’s desks — all crypto is very early stage across the board and policy is still an ongoing discussion throughout the entire administration,” Manche wrote on X. 📝

MOVE Rallies, But There’s a Catch

While MOVE is currently outperforming the top 100 cryptos, its price gains may not last. On-chain data reveals that the bearish bias against it remains significant. For instance, its funding rate has dropped to its lowest since January 7, indicating a spike in demand for short positions. At press time, this stands at -0.084%. 📉

A negative funding rate means short traders are paying long traders, indicating that the market sentiment is bearish despite the price rally. This suggests that the MOVE rally is driven by short squeezes rather than strong organic demand, casting doubt on the rally’s sustainability. Moreover, MOVE has continued to record spot outflows despite its price rally. According to Coinglass, the altcoin has witnessed four days of consecutive outflows totaling $19 million. 💸

As of this writing, outflows from the MOVE spot markets on Wednesday totals $440,470, indicating that market participants are selling their tokens for profit. 😕

MOVE Price Prediction: Will It Crash or Soar?

MOVE risks shedding its recent gains if profit-taking activity persists. In that case, the L2 token’s price could plunge to $0.71. If this support level fails to hold, it could drop further to $0.55. But hey, if actual demand for MOVE spikes, it could break above $0.87 and climb toward $1.08. 📈

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2025-01-29 15:17