Today is the day for the Movement Network’s big MOVE coin unlock, and people in the crypto world are paying attention. At 12:00 PM UTC, 50 million MOVE tokens, valued at $15.55 million, will be released. That’s about 2.04% of the coin’s circulating supply, which is a pretty big deal for the project.
According to the Tokenomist, out of the total supply, 2.4 billion MOVE tokens, which is 24%, are already unlocked, while 7.6 billion are still locked up—that’s 76% locked.
The price per token is sitting at $0.3053, but it hasn’t been an easy time for MOVE lately. In the last week, the price dropped 23%, and over the past month, it’s down 34%. Yesterday alone, it fell 3.47%, with the market cap at $748.21 million and trading volume down 31.44% to $52.1 million.
Movement Network is all about connecting the Move and EVM blockchain worlds. It’s got backing from heavyweights like Polychain Capital and Binance Labs, and it helps devs build slick, secure apps.
But this token unlock? It could go either way. Some say more tokens could tank the price; others think it might actually pull in new buyers.
Once those unlocked tokens enter the market, there could be more selling pressure. If a lot of them get sold quickly, it might push the price down and stop any chance of a price pump.
On X and other platforms, people are chatting about it—some are nervous, some are hopeful. With just a few hours left until the unlock, everyone’s wondering what’ll happen. Will MOVE bounce back, or will this make things tougher? For now, it’s a moment to watch for anyone following crypto.
Also Read: ENA price drops 16% ahead of 171 million token unlock Event
