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Movement Network has launched its Mainnet Beta, marking a significant milestone with the introduction of asset bridging and smart contract deployment.
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This release has energized the market, with the MOVE token experiencing a remarkable 6% price increase today, thanks to enhanced liquidity driven by the Cornucopia program.
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Coinciding with the mainnet launch, Rex Shares and Osprey Funds have filed for a MOVE ETF with the SEC, which is fueling positive investor sentiment.
The Movement Network’s launch of its Mainnet Beta coincides with a surge in MOVE token prices and new ETF filings, signaling a vibrant phase for this emerging crypto platform.
Movement Network’s Mainnet Beta Goes Live
The Movement Network successfully launched its Mainnet Beta on March 10 at 15:00 UTC, offering a robust bridging mechanism powered by LayerZero. This development allows users to transfer a variety of assets, including MOVE, USDT, USDC, wBTC, and wETH, directly onto its blockchain.
The mainnet rollout has injected over $233 million in liquidity into the network, encompassing BTC, ETH, and MOVE, all sourced through the innovative Movement Cornucopia program. For developers and users, this marks the first opportunity to engage with the network in a fully operational capacity.
Originally, the MOVE token was conceived as part of Facebook’s ambitious digital currency initiative, which was ultimately abandoned in 2022. Since that time, the programming language associated with MOVE has been repurposed for layer-1 projects like Sui and Aptos, while Movement Labs has further developed it to create an Ethereum-based layer 2 solution.
MOVE Weekly Price Chart. Source: COINOTAG
Rex Shares Files for MOVE ETF With SEC
Alongside the mainnet debut, investment firms Rex Shares and Osprey Funds have initiated the filing process to launch an ETF that will track the price performance of MOVE tokens.
Rex Shares has a history of pursuing ETF approvals for various digital assets, notably including meme tokens such as TRUMP, BONK, and DOGE. The recent filings coincide with signals that the SEC is becoming more supportive of crypto assets, having recently lifted the securities designation from several tokens.
Moreover, under its new leadership, the SEC has dismissed various lawsuits and investigations against crypto firms, including significant entities like Coinbase and Kraken. These favorable shifts in regulatory posture have encouraged a wave of altcoin ETF applications.
As a result of these developments, the market capitalization of MOVE has exceeded $1.2 billion, with trading volumes also climbing by over 40% within a single day.
Investor Outlook on Movement Network
Given the secure foundations laid by the Mainnet Beta launch and the anticipated MOVE ETF, investors are optimistic about the future trajectory of the token and the Movement Network. With systemic support and increased transactional capabilities, the network aims to bolster its position in the competitive crypto landscape.
Market Reactions and Future Prospects
Market analysts are closely monitoring these advancements as they reflect broader trends within the digital asset ecosystem. The positive reception of the Movement Network highlights a renewed investor interest in altcoins that demonstrate clear use-cases and technological advancements.
Conclusion
The launch of Movement Network’s Mainnet Beta and the parallel ETF filings represent a pivotal moment for the MOVE token. These events not only signify increased liquidity and accessibility for investors but also suggest a maturing regulatory landscape that could foster further growth in crypto-related financial products. As the crypto market evolves, the developments surrounding Movement Network and its initiatives will likely continue to capture the interest of investors and analysts alike.
