The native token of Movement, an Ethereum layer-2 network built using the Facebook-created MoveVM coding language, jumped on Tuesday after Donald Trump-backed World Liberty Financial purchased tokens. There was also a fresh report that the network is among the blockchains in discussion with the Elon Musk-led Department of Government Efficiency (DOGE).
The MOVE token spiked as much as 20% to $0.89 on the news before paring some of the gains, still up 13% during the day at press time.
The advance happened as World Liberty Financial, which is backed by President Donald Trump and his family, acquired a total of $2 million worth of MOVE tokens in several batches during the U.S. morning hours, with the first transaction occurring at 14:22 UTC, blockchain data by Arkham Intelligence shows.
Adding to the gains was an X post by well-followed crypto sleuth dbnews at 14:48 UTC that Movement is one of the teams that discussed blockchain use for the government. Elon Musk, the tech entrepreneur who is the head of the Department of Government Efficiency tasked with finding ways to cut government expenses, is reportedly exploring blockchain tech for operations including to track federal spending, secure data, make payments and manage buildings. DOGE representatives have reportedly held conversations with leaders from several public blockchains, Bloomberg reported last week.