Movement (MOVE) Defies Binance Fallout with $38 Million Buyback – Can it Overtake Solana?

Movement (MOVE) has surged by 16% in the past 24 hours, with its rise to $0.527 coming after the Movement Network Foundation announced a $38 million buyback of MOVE tokens.

MOVE is now up by 16.5% in a week and by 15% in a month, although it remains down by 63% from its ATH of $1.45, which it set in December.

The buyback program has increased bullishness for MOVE, with the coin’s foundation also announcing that it will begin a strategic reserve with the initial buyback.

This implies more buybacks over time, something which could help boost Movement and its native token as it aims to grow as a layer-two network for Ethereum.

Movement’s buyback has emerged in response to Binance shutting down a MOVE market maker which appeared to have engaged in market manipulation.

This shutdown took place on March 11, having a negative effect on MOVE’s price, which dutifully fell from $0.50 to $0.42 on March 24.

$38M MOVE Token Buyback Amid Market Maker Scandal!

Movement Network is launching a $38 million buyback of its MOVE tokens following a market maker's breach of contract. The buyback aims to stabilize the token's value and restore investor confidence after the market maker… pic.twitter.com/9MMGunhmFL

This was the date when the Movement Network Foundation announced its buyback program, which it’s conducting with the $38 million Binance has recovered from the banned market maker.

As we can see from its chart today, it enjoyed a big surge in momentum following this news, with its relative strength index (purple) shooting up to 80 yesterday.

Such a reading is normally sign of an overbought market, yet possibly the most bullish feature of MOVE’s chart is its 30-period moving average (orange), which is about to climb over the 200-period average (blue).

Given that the shorter term average has spent more than two months below its longer term counterpart, its forming a golden cross should signal a sustained period of gains.

Indeed, MOVE’s volume has shot up to its highest level in nearly three months, as investors race to accumulate the token before the buyback program kicks in.

The key detail of the Movement Network Foundation’s announcement was that it will be using the recovered MOVE “to establish the Movement Strategic Reserve.”

The existence of such a reserve would imply that the Foundation will be periodically buying up MOVE, beyond the initial $38 million.

2 hours ago, @movementfdn's Strategic Reserve Wallet received 10M $MOVE worth $5.47M from #Binance.@movementfdn has announced a $38M buy-back of $MOVE over the next 3 months after recovering funds from a market maker accused of misconduct on @binance.

Address:… pic.twitter.com/4Pjbi4O87B

This could help support the token’s price in the longer term, with the coin also benefitting from some very solid fundamentals as an EVM-compatible layer-two network that uses the MOVE programming language.

It could return to $0.60 in the next few weeks, before hitting $1 again by H2.

Move is one of several promising networks harnessing the Move programming language (e.g. Sui, Aptos), yet it’s not the only new layer-two network attracting attention at the moment.

One other strong example is Solaxy (SOLX), a layer-two network for Solana that has now raised a very impressive $28 million in its ongoing presale.

Rollup Performance

• Rolling out key optimizations to handle more transactions in less time.

• Collaborating with Sovereign on a new caching mechanism to streamline processing.

• Refining serialization and deserialization to cut down on overhead.

Bridge UI

•…

As an L2, it will enable Solana users to avoid failed transactions and delays, which continue to impact the layer-one network, despite improvements in the past couple of years.

It will also offer faster transactions and lower fees than its parent chain, with which it will also provide instant bridging.

SOLX will serve as the payment token for transaction fees, while holders will also be able to stake it for a passive income.

As such, it could experience strong demand once it launches, with its price rising in parallel with Solaxy’s growth.

Investors can still join its sale by going to the official Solaxy website, where SOLX is selling at $0.001674.

This price will rise again later today, and will continue to rise until the sale ends.

Buyers should, therefore, act quickly, with SOLX on course to have a big listing.

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