Movement Network, a decentralized blockchain platform built on Ethereum’s layer-2 using the MoveVM, recently launched its native token, MOVE, through a massive airdrop. The airdrop distributed one billion MOVE tokens to early adopters and community members, triggering a 60% rally for the token. The token quickly debuted on Binance’s airdrops portal and secured listings on South Korean exchanges Upbit and Bithumb. Within six hours of its launch, MOVE was trading at 74 cents, reaching a market capitalization of $1.6 billion, with trading volume reaching nearly $450 million in the first 90 minutes.
The Movement Labs team behind the network successfully raised $38 million in a Series A funding round led by Polychain Capital in April. Notably, the network utilizes the Move programming language, originally developed by Facebook, which also powers other blockchain projects like Sui and Aptos. The total supply of MOVE is capped at 10 billion tokens, with 10% allocated to early users and the community, 22.5% for investors, and 10% designated for the network’s foundation.
Airdrops have been a significant trend in the crypto market this year, with projects utilizing them to drive community engagement and expand adoption. TON’s tap-to-earn games on Telegram earlier this year sparked interest with promises of substantial rewards, while other projects like Hyperliquid’s HYPE token and Grass Network’s GRASS token have seen price jumps following major airdrops. However, technical issues, such as those experienced with Solana’s Phantom wallet during the GRASS token airdrop, have highlighted the importance of reliable infrastructure in executing successful airdrops.
In November, on-chain protocol WalletConnect conducted its first token airdrop, distributing 50 million WalletConnect Tokens (WCT) to over 160,000 users. Despite the scale of the initiative, concerns were raised about the selection criteria and calls for greater transparency in future distributions. Overall, while crypto airdrops have proven to be powerful tools for fostering community engagement, the challenges in execution have emphasized the need for clear processes and reliable infrastructure to ensure their success and fairness.
