Article source: Frank
Author: Frank, PANews
On December 9, the modular Layer 1 Movement opened for airdrop claims. At the same time, major exchanges such as Binance, OKX, Upbit, and Coinbase rushed to launch the MOVE token, becoming this year's 'grand slam' player. Many users shared their airdrop claim results on social media, with some receiving tens of thousands of MOVE tokens; however, some users expressed that they missed the opportunity due to Movement's complicated airdrop tasks.
What is the specific situation of MOVE's airdrop? As there is currently no relevant data dashboard available, PANews conducted an analysis of the on-chain data of MOVE tokens to investigate the actual situation of this round of airdrops.
80% of users can receive over 100 tokens.
As of December 10, there have been a total of 39,900 airdrop claim transactions on-chain. Among the claimed airdrop data, there are 429 addresses with a single airdrop quantity of over 10,000 tokens. There are 6 addresses that received over 100,000 tokens. Most users received between 500 and 1,000 tokens, accounting for about 38.24%. The next largest group received between 100 and 500 tokens, making up 22.45%, while the number of addresses receiving between 1,000 and 2,000 tokens is about 19.32%. Overall, addresses receiving between 100 and 2,000 tokens account for 80%.
From the actual effects of the airdrop, the proportion of addresses receiving less than 100 MOVE tokens is only 1.5%, indicating that the airdrop allocation is relatively friendly to ordinary users. This shows that 98.5% of addresses eligible for the airdrop can receive amounts exceeding $100.
Some large airdrop participants have provided opportunities. PANews' investigation found that some addresses profited over $150,000 in this round of airdrop. For example, address 0x8f2e314a0081bdcdf304c0e1fdbd8e28ff7a82e4 received airdrops of 148,000 MOVE tokens through 35 addresses, with a maximum value exceeding $215,000. On average, each address received 4,253 tokens.
Additionally, the largest single address 0x49130A1938b6498B3D7Cf6B856Afd91e75D8f087 holds 493,333.33 MOVE tokens, with the highest airdrop amount for a single address being approximately $500,000. Currently, this address has transferred the tokens to Binance and another address. This maximum value is not as high as HYPE's largest single address at $9.56 million, but is higher than Starknet's largest single address at $360,000, and Jupiter's largest single address at $130,000. However, in terms of address quantity, the proportion of addresses receiving over 10,000 tokens airdrop is only 1.14%. Relatively speaking, MOVE appears to cater more to ordinary users rather than individual large holders.
Airdrop scale reaches $1.45 billion, surpassing HYPE.
Based on the calculated total quantity of this round of airdrop, the scale of Movement's airdrop exceeds $1.45 billion, surpassing the previous airdrop scale of about $620 million for HYPE. According to the official airdrop claim rules, users can choose to claim on the Ethereum mainnet or wait until the Movement mainnet goes live. Based on this ratio, the total amount of airdrop claimed in this round is approximately 420 million tokens, with an additional 580 million MOVE tokens remaining unclaimed.
However, PANews found some discrepancies with mainstream data platforms through on-chain data. After the token TGE, Movement's official report indicated that the maximum circulation did not exceed 22.5%, and several exchanges, including Binance, calculated MOVE's circulation and market value based on this standard. However, on-chain data shows that the largest official holding address still holds over 83.8% of the token amount, meaning the actual circulating token quantity in the market is approximately 1.62 billion tokens, accounting for about 16.2%.
Therefore, if calculated based on actual circumstances, the circulating market value of MOVE should be approximately $2.349 billion at its peak (based on a price of $1.45).
Insufficient on-chain liquidity has led to price discrepancies exceeding five times.
On December 9, MOVE was launched on multiple exchanges. However, it seems that due to insufficient liquidity, the price of the token has a significant discrepancy between on-chain exchanges and centralized exchanges.
On Uniswap, on the morning of December 10, the MOVE price reached a maximum of $5.15, while at the same time on Binance, the price was only $0.96, with a price difference of 5.3 times. This also provided opportunities for many arbitrage players. By the afternoon of December 10, the number of on-chain addresses holding MOVE tokens was 8,199, with around 118,000 on-chain transactions. The total funds in several liquidity pools on Uniswap did not exceed $200,000. For a token with a market cap exceeding $2 billion, such on-chain liquidity is indeed quite poor.
According to on-chain analyst @ai_9684xtpa, the Korean exchange Coinone opened early at 7:30 PM on December 9, causing the opening price to reach approximately $700. This forced other large exchanges, Upbit and Bithumb, to delay their launch times. The token price in the Korean market far exceeded prices at exchanges in other regions; before noon on December 10, the MOVE price on Korean exchanges like Upbit remained above $2, while prices on exchanges like Binance did not exceed $1.4. However, by the afternoon of December 10, the prices of MOVE tokens across multiple markets had largely equalized.
Recently, with the arrival of the altcoin season, many previously awaited star projects have chosen this period for airdrops. For players keen on airdrop hunting, this is like a long-awaited rain. Overall, Movement's airdrop carries a more generous connotation, but from the on-chain data, the number of addresses participating in this round of airdrop claims is not significant. Perhaps this is also the reason for Movement's high 'low guarantee' level airdrop. However, for investors attempting to speculate and profit from MOVE tokens, it may be more important to focus on the changes in actual liquidity and the ecological construction situation after the mainnet goes live.
