Donald Trump’s Cryptocurrency Project Buys a Surprise Altcoin, Then Elon Musk Rumors Emerge
The cryptocurrency project of the new US president, Donald Trump, and the Elon Musk-linked DOGE initiative increased the volatility in the price of an altcoin.
MOVE, the token of the Ethereum layer-2 network Movement, saw a sharp rise today following major developments involving Donald Trump and Elon Musk.
The token surged as much as 20% to $0.89 before settling for a 13% gain at the time of writing.
Graph showing the movement in MOVE price after the development.
The surge was triggered by the $2 million purchase of MOVE tokens by World Liberty Financial, an organization backed by Donald Trump and his family. Blockchain data from Arkham Intelligence revealed that the transactions occurred in multiple batches, with the first occurring at 17:22.
Another rumor has emerged that supports the rally. According to rumors, Movement is among the blockchain projects that are being discussed with the Department of Government Efficiency (DOGE), led by Elon Musk. However, it is not yet clear whether there will be a collaboration with Movement.
The department is exploring blockchain technology to improve federal government operations, including tracking spending, securing data, managing payments, and overseeing infrastructure.
*This is not investment advice.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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