MOVE Surges 6% After Mainnet Beta and ETF Filings

Despite the bearish trend in the crypto market, Movement Network’s MOVE has surged over 6% on the day and 14% over the past week. The bullish momentum was fueled by the launch of Movement’s mainnet beta and new ETF filings from Rex Shares and Osprey Funds.

Movement Network Officially Launches Mainnet Beta
Movement Network’s mainnet went live on March 10 at 15:00 UTC, providing a crucial bridging mechanism via LayerZero technology. This allowed users to migrate assets such as MOVE, USDT, USDC, wBTC, and wETH onto the Movement blockchain.

The launch brought over $233 million in liquidity to the system, with BTC, ETH, and MOVE assets, the majority of which came from the Movement Cornucopia program. With this implementation, developers and users can interact directly with the network for the first time.

MOVE was originally developed as part of Facebook’s digital currency initiative, but the project was canceled in 2022. Since then, the MOVE programming language has been used by layer-1 projects like Sui and Aptos, while Movement Labs has expanded to develop layer-2 on Ethereum.

Rex Shares Files MOVE ETF with the SEC
On the same day as the mainnet launch, investment firms Rex Shares and Osprey Funds filed with the SEC to introduce an ETF that tracks the price of MOVE.

Rex Shares has previously sought ETF approval for other crypto assets like the meme tokens TRUMP, BONK, and DOGE. The filing comes as the SEC appears to be taking a more positive stance on cryptocurrencies and reducing the classification of many assets as securities.

The Commission recently announced that it does not consider meme coins to be securities, while rejecting multiple lawsuits and investigations into companies like Coinbase, Kraken, and Robinhood. These moves are paving the way for more altcoin ETF applications.

With positive signals from the market, MOVE has surpassed the $1.2 billion market capitalization mark. MOVE's trading volume has also increased by more than 40% today alone.