- MOVE token price jumped by over 30% today.
- Movement Network Foundation announced a Movement Strategic Reserve in response to a market maker misconduct.
Movement Network Foundation’s native token, MOVE price is witnessing a considerable surge today. The crypto project has been making headlines since yesterday for its association with a malicious market maker. In response to the misconduct of this market maker, Movement announced a strategic token reserve yesterday.
MOVE token is trading at $0.5562 with a 23.65% daily surge at the time of reporting. While its market cap is hovering around $1.36 billion, its 24-hour trading volume surged a whopping 1,748%. With this price surge, the MOVE token finally broke its week-long downtrend. After reaching a peak of $0.5936, it is now trading at the $0.55 price level.
Market Maker’s Misconduct Pushed for a MOVE Strategic Reserve
The Movement Network Foundation announced a MOVE token strategic reserve yesterday. It is going to use the recovered funds from the malicious market maker to establish this. Over the next 3 months, the foundation will purchase MOVE tokens from Binance and transfer them to the reserve periodically.
It expressed its gratitude to Binance for informing them regarding the malicious market maker that dumped 66 million MOVE tokens. The Movement Foundation further stated,
“The Movement Network remains secure and strong. Our technology, our team, and our vision remain unchanged. If anything, we’re more committed than ever to building an ecosystem you can trust.”
It all started with Binance’s meticulous investigation, followed by an announcement yesterday. Binance offboarded the aforementioned market maker for its misconduct and reminded its principles and rules for market makers of its platform. After it broke the news to the Movement Foundation, they collaborated and successfully recovered funds.
Binance set clear rules in place for existing and future market makers on the platform. It strictly prohibited market manipulation and warned MMs that Binance would take action against malicious market makers to protect its users.
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