MOVE Token Surges 25% as Movement Reveals Strategic Reserve to Counter Malicious Market Maker Actions

MOVE Token Spikes 25% as Movement Announces $38M Buyback to Form Strategic Reserve

The MOVE token from Movement Network surged over 25% during East Asia’s morning trading session, leading the market as investors reacted positively to the project’s newly announced Strategic Reserve.

Movement revealed plans for a $38 million buyback program aimed at acquiring MOVE tokens for long-term stability and liquidity restoration. This initiative follows a breach of contract by a market maker, which allegedly engaged in one-sided trading practices that disrupted the ecosystem.

While MOVE saw a significant price jump, broader market sentiment remained neutral. The CoinDesk 20 (CD20) index was flat, with Bitcoin (BTC) and Ether (ETH) each gaining under 1%.

In a March 24 blog post, Movement stated that the decision to establish the reserve was driven by the need to address the fallout from the market maker’s actions. The firm claimed that the entity improperly extracted $38 million by manipulating liquidity and failing to maintain balanced buy and sell orders.

“All recovered proceeds will be allocated to the Movement Strategic Reserve, ensuring long-term token stability while restoring lost liquidity,” the company stated.

Crypto exchange Binance had previously removed the implicated market maker, citing violations of its liquidity provision policies. The exchange mandates balanced bid-ask orders, stable spreads, and meaningful market depth.

“Any authorized market makers failing to uphold these principles will face appropriate action from Binance to safeguard our users,” the exchange warned.

MOVE’s sharp price increase suggests that traders view Movement’s response as a strong step toward restoring confidence in the token and its ecosystem.