Regardless of the broader crypto market decline, Motion Community’s MOVE has surged over 6% right now and 14% in per week.
The bullish momentum follows the launch of Motion’s mainnet beta and contemporary ETF filings from Rex Shares and Osprey Funds.
Motion Community’s Mainnet Beta Goes Dwell
The mainnet turned operational on March 10 at 15:00 UTC, providing a key bridging mechanism powered by LayerZero. Customers can now transfer property like MOVE, USDT, USDC, wBTC, and wETH onto the Motion blockchain.
The launch brings over $233 million in liquidity to the community, together with BTC, ETH, and MOVE, sourced via the Motion Cornucopia program. With this rollout, builders and customers can work together with the community freely for the primary time.
MOVE was initially developed as a part of Fb’s digital forex initiative, which was deserted in 2022.
Since then, the programming language has been used for layer-1 tasks like Sui and Aptos, whereas Motion 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 corporations Rex Shares and Osprey Funds have filed to introduce an ETF monitoring the worth of MOVE.
Beforehand, Rex Shares has sought ETF approvals for numerous crypto property, 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 Fee introduced that it doesn’t contemplate meme cash as securities.
Additionally, Beneath the brand new management, the regulator has dismissed a number of lawsuits and investigations involving corporations like Coinbase, Kraken, Robinhood, and extra. These constructive developments are influencing extra altcoin ETF purposes.
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% right now.
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