MOVE Climbs 20% on Trump’s World Liberty Fi Token Purchase and Musk’s DOGE Affiliation

MOVE Token Soars 20% on Trump-Backed Purchase and Musk’s DOGE Talks Stir Speculation

The MOVE token from Movement Labs experienced a significant 20% increase in value on Tuesday, reaching $0.89, following reports that World Liberty Financial, an organization backed by former President Donald Trump, had purchased a large number of tokens. The spike in price was also attributed to fresh rumors that Movement Labs is in discussions with Elon Musk’s Department of Government Efficiency (DOGE), further intensifying market interest. After a strong initial rally, the token’s value remained up by 13% at press time.

Rushi Manche, co-founder of Movement Labs, quickly dismissed the circulating rumors, saying, “Our papers have never hit the DOGE desk. There’s a lot of speculation here.” He went on to clarify that Movement Labs’ growth team has not met with DOGE representatives and emphasized that the buzz surrounding these claims was largely based on speculation.

Despite the rumors, Manche expressed optimism for the future of blockchain projects that align with government initiatives, stating, “The firms that can integrate into this new political movement will be the winners in five years.”

The surge in the MOVE token’s price followed World Liberty Financial’s purchase of $2 million worth of MOVE tokens. Blockchain data from Arkham Intelligence showed that the first purchase occurred at 14:22 UTC, coinciding with the initial price jump.

The price surge accelerated when crypto analyst dbnews posted on X about reports suggesting that Movement Labs is engaging with Musk’s Department of Government Efficiency regarding blockchain applications in government operations. Musk’s department, tasked with reducing government inefficiencies, is reportedly exploring the potential use of blockchain for functions such as tracking federal spending and managing government data.

Additionally, Bloomberg reported last week that DOGE representatives had met with several blockchain networks, stoking further interest in the role Movement Labs might play in governmental blockchain adoption.

“We are proud to be the first altcoin, the first modern blockchain platform, and the first alternative VM under the new administration,” Manche wrote in an X post. “MOVE is Made in America.”

Minutes before the token’s rally accelerated, Coinbase saw a significant rise in open interest for MOVE tokens, climbing to 55 million contracts from 44 million, signaling that traders were positioning themselves for the anticipated price move, according to crypto analyst TheFlowHorse.

The sharp price movement has raised concerns within the crypto community about the potential for insider trading or market manipulation. However, Manche firmly denied any such activities, stating that no tokens were sent to World Liberty Financial or any other parties as part of a deal, insisting the price spike was purely the result of market demand. “There were no backdoor arrangements. It was just market buying,” he clarified.