MOVE Rallies 20% After Trump-Backed World Liberty Fi Token Purchase and Musk’s DOGE Connection

MOVE Token Jumps 20% After Trump-Backed Purchase and Musk’s DOGE Involvement Sparks Speculation

The MOVE token from Movement Labs saw a dramatic 20% surge on Tuesday, reaching $0.89, following the news that World Liberty Financial, a company linked to former President Donald Trump, had acquired a substantial number of tokens. Additionally, reports emerged suggesting that Movement Labs was engaged in discussions with Elon Musk’s Department of Government Efficiency (DOGE), further fueling interest in the token and causing a surge in price. After briefly spiking, the token leveled off at a 13% gain by press time.

In response to the swirling rumors, Rushi Manche, co-founder of Movement Labs, dismissed the idea that the company had any official dealings with DOGE. “Our papers have never hit the DOGE desk,” he told CoinDesk, adding, “There’s a lot of speculation in the rumors.” Manche also clarified that their growth team has not met with DOGE representatives and suggested that the increasing buzz was based on speculation.

However, he expressed a positive outlook for the future, noting, “In the next few months, the firms and individuals who manage to align with the government and political movements will be the ones that succeed over the next five years.”

The initial spark for the token’s rally occurred after World Liberty Financial, backed by Trump and his family, purchased $2 million worth of MOVE tokens across several transactions. Blockchain data from Arkham Intelligence showed that the first transaction took place at 14:22 UTC, which coincided with the token’s price jump.

The upward momentum was further fueled when crypto analyst dbnews posted on X, reporting that Movement was exploring the integration of blockchain tech with government operations. Musk, who heads the DOGE initiative, is reportedly evaluating blockchain applications to streamline operations such as tracking government expenditures, enhancing data security, and managing public sector facilities.

Reports surfaced last week via Bloomberg stating that DOGE representatives had engaged in talks with several blockchain networks, heightening interest and speculation surrounding the involvement of Musk and the department.

“We are proud to be the first altcoin, first modern blockchain platform, and first alternative VM under the new administration,” said Manche in an X post. “MOVE is Made in America.”

As the price surged, open interest in MOVE tokens on Coinbase spiked to nearly 55 million contracts, up from about 44 million, signaling a surge in trader interest. Crypto analyst TheFlowHorse highlighted this dramatic increase, suggesting that traders were actively positioning themselves for the price move.

The events surrounding MOVE’s sudden rise have sparked questions within the crypto community, with some speculating about potential insider trading or market manipulation. However, Manche was quick to respond, stating that no tokens were sent to anyone, including World Liberty Financial, and that the price movement was purely driven by market buying. “There were no deals, no backdoor arrangements,” he emphasized.