Despite the broader crypto market decline, Movement Network’s MOVE has surged over 6% at present and 14% in per week.
The bullish momentum follows the launch of Movement’s mainnet beta and contemporary ETF filings from Rex Shares and Osprey Funds.
Movement Network’s Mainnet Beta Goes Live
The mainnet turned operational on March 10 at 15:00 UTC, providing a key bridging mechanism powered by LayerZero. Users can now transfer property like MOVE, USDT, USDC, wBTC, and wETH onto the Movement blockchain.
The launch brings over $233 million in liquidity to the community, together with BTC, ETH, and MOVE, sourced by the Movement Cornucopia program. With this rollout, builders and customers can work together with the community freely for the primary time.
MOVE was originally developed as a part of Facebook’s digital forex initiative, which was deserted in 2022.
Since then, the programming language has been used for layer-1 initiatives like Sui and Aptos, whereas Movement Labs has prolonged it to create an Ethereum-based layer 2.
Rex Shares File for a MOVE ETF With SEC
On the identical day because the mainnet launch, funding companies Rex Shares and Osprey Funds have filed to introduce an ETF monitoring the value of MOVE.
Previously, Rex Shares has sought ETF approvals for various crypto assets, together with meme tokens like TRUMP, BONK, and DOGE.
The filings come because the SEC is seemingly turning extra pro-crypto and dropping securities standing for a lot of property. Earlier, the Commission introduced that it does not consider meme coins as securities.
Also, Under the brand new management, the regulator has dismissed several lawsuits and investigations involving companies like Coinbase, Kraken, Robinhood, and extra. These constructive developments are influencing extra altcoin ETF applications.
With these constructive developments, MOVE has now crossed $1.2 billion in market cap. The altcoin’s buying and selling quantity has additionally surged by over 40% at present.
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