On Monday, Movement Network, a blockchain platform built on Ethereum’s layer-2 via the MoveVM, launched its native token, MOVE, through a generous airdrop. The airdrop saw one billion MOVE tokens distributed to early adopters and community members, sparking a 60% rally for the token.
MOVE was introduced on Binance’s airdrops portal and simultaneously secured listings on South Korean exchanges Upbit and Bithumb. Within six hours of its debut, MOVE was trading at 74 cents, achieving a market capitalization of $1.6 billion. Trading activity skyrocketed, with nearly $450 million in volume recorded in the first 90 minutes.
“Someone farmed 36 wallets for Movement network and got 90,000+ MOVE airdrop, currently worth around $66,000,” noted DeFi influencer Tobi via X (previously known as Twitter).
Movement Labs, the team responsible for the network, raised $38 million in a Series A funding round in April. Polychain Capital led this round.
Of particular interest is the network’s use of the Move programming language, which Facebook originally developed. This language also powers other blockchain projects like Sui and Aptos.
The total supply of MOVE is capped at 10 billion tokens. Of this supply, 10% was allocated to early users and the community, 22.5% was reserved for investors, and 10% is intended for the network’s foundation.
In the crypto market this year, airdrops have emerged as a significant trend. Earlier, TON’s tap-to-earn games on Telegram, such as Hamster Kombat, generated considerable interest by promising substantial rewards.
Other projects have followed suit. For example, Layer-1 network Hyperliquid’s token, HYPE, experienced a 60% price jump following a substantial airdrop earlier this month.
In October, Grass Network’s GRASS token airdrop attracted significant attention, but technical issues with Solana’s Phantom wallet prevented some users from claiming their tokens, causing widespread frustration.
WalletConnect, another on-chain protocol, organized its first token airdrop in November, distributing 50 million WalletConnect Tokens (WCT) to over 160,000 users. However, questions were raised about the selection criteria, with many voicing concerns about fairness and demanding more transparency in future distributions.
In summary, while crypto airdrops have proven to be an effective method for promoting community engagement and broadening adoption, the execution challenges underscore the need for clear processes and robust infrastructure.
