Movement finds itself in the crypto market spotlight amid rumored considerations from Elon Musk’s DOGE for blockchain integration.
Over the past few weeks, crypto market participants have struggled to keep up with the rapid influx of pro-crypto policy developments under President Donald Trump’s administration.
Just as the market digests the implications of Trump’s executive order pushing for clear and favorable crypto regulations and the establishment of a national stockpile of digital assets, yet another significant development appears to be on the horizon.
Specifically, reports now suggest that the government may integrate blockchain technology as part of efficiency and transparency efforts with the Movement blockchain, an Ethereum layer-2 scaling solution, in focus.
MOVE Jumps on Government Integration Rumors
On Saturday, January 25, Bloomberg reported that the Elon Musk-led Department of Government Efficiency was considering integrating blockchain technology into the U.S. government as part of its efforts to make the government more efficient and transparent, citing persons with knowledge of the matter.
Fast-forward to Tuesday, January 28, fresh reports suggest that Movement is among the blockchains being considered for this novel move. Elon Musk’s DOGE and Movement Labs have yet to confirm these reports, but it has not stopped traders from speculating.
*MOVEMENT AMONG FIRMS DISCUSSING BLOCKCHAIN USE WITH MUSK'S DOGE TEAM: SOURCE
*BLOOMBERG REPORTED MUSK'S DOGE EVALUATING BLOCKCHAIN TECH FOR GOVT EFFICIENCY EFFORT
— db (@tier10k) January 28, 2025
Amid the reports, MOVE, the native token of the Ethereum Layer 2 Chain, is bucking a broader market correction.
Specifically, the asset has surged as much as 12% on the day and 20% from its Tuesday, January 28 lows to trade as high as $0.8486 on Wednesday, January 29, while other assets trade cautiously ahead of the Federal Reserve’s interest rate decision.
Further adding to the speculation, Trump-linked DeFi project World Liberty Financial purchased 2.4 million MOVE, currently worth nearly $2 million, on Tuesday.
Movement is a zero-knowledge Ethereum Layer 2 network based on the Move programming language, which was developed for Facebook’s defunct stablecoin project Diem. The language has gained notoriety in blockchain in recent years, as highlighted in its use in popular new-generation blockchains Aptos and Sui.
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