Catenaa, Tuesday, December 17, 2024 – The Movement Foundation, an Ethereum Layer 2 network, launched its $MOVE token airdrop on December 9, surpassing $830 million in market value.
The initiative marks a significant milestone for the foundation’s long-term goals, with the total market capitalization of $MOVE reaching $1.63 billion.
The airdrop, branded as “MoveDrop,” distributed 1 billion MOVE tokens—10% of the total supply—to participants of the Movement testnet.
An additional 1.25 billion tokens, or 12.5%, have been allocated to the Movement Foundation and upcoming community projects, bringing the total distributed to 2.25 billion MOVE, or 22.5% of the supply.
Crypto exchanges Coinbase and Binance have contributed to facilitating $MOVE trading, which saw its price surge to $0.838 shortly after launch.
According to the foundation, 40% of the total supply will support infrastructure development and community rewards, while 17.5% is reserved for early contributors and 22.5% for early backers.
The tokens can be claimed through the Movement website or its public mainnet by qualified MoveDrop participants.
Recognized as an ERC-20 token under the ticker $MOVE, the token is expected to multiply by 1.25x over time.
The mainnet beta launch on December 5 further strengthened system operations and the economic infrastructure supporting the Ethereum mainnet.
Movement Foundation officials say the $MOVE launch will advance decentralized operations and incentivize participation across the network.
