On December 9, the modular Layer1 Movement opened for airdrop claims. At the same time, major exchanges like Binance, OKX, Upbit, and Coinbase quickly listed the $MOVE token, making it a ‘grand slam’ player in this year's listings. Many users shared their airdrop claim results on social media, with many receiving tens of thousands of $MOVE, while some hoarding users reported missing opportunities due to Movement's complicated airdrop tasks.
What is the specific situation of the $MOVE airdrop? Since there are currently no related data dashboards in the market, PANews analyzed the on-chain data of the $MOVE token to investigate the actual situation of this round of $MOVE airdrop.
Eighty percent of users can claim over 100 tokens
As of December 10, there were a total of 39,900 airdrop claim transactions on-chain. Among the data of claimed airdrops, there were 429 addresses with a single airdrop amount exceeding 10,000 tokens. There were 6 addresses that received over 100,000 tokens. Most users received between 500 and 1,000 tokens, accounting for about 38.24%. The second most common range for addresses was between 100 and 500 tokens, accounting for 22.45%, while the number of addresses receiving between 1,000 and 2,000 tokens was about 19.32%. Overall, addresses receiving between 100 and 2,000 tokens account for 80%.
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From the actual effects of the airdrop, addresses holding less than 100 $MOVE tokens account for only 1.5%, indicating that the airdrop distribution is relatively friendly to ordinary users. This means that 98.5% of eligible addresses for the airdrop can receive amounts exceeding $100. However, the data mentioned above is derived from addresses that have claimed the airdrop, and some social media information indicates that a large number of airdrop studios' low-income addresses have not claimed the tokens due to fees exceeding their earnings.
$MOVE airdrop also provided opportunities for some token hoarders. According to a PANews investigation, some hoarding addresses profited over $150,000 from this round of airdrop. For example, address 0x8f2e314a0081bdcdf304c0e1fdbd8e28ff7a82e4 collected 148,000 $MOVE tokens through 35 addresses, with a maximum value exceeding $215,000. On average, each address received 4,253 tokens.
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Additionally, the largest single address, 0x49130A1938b6498B3D7Cf6B856Afd91e75D8f087, holds 493,333.33 $MOVE, with the highest airdrop amount for a single address being approximately $500,000. Currently, this address has transferred tokens to Binance and another address. This maximum value is not as high as $HYPE's largest single address of $9.56 million, but it is higher than Starknet's largest single address of $360,000 and Jupiter's largest single address of $130,000. However, from the number of addresses, those receiving over 10,000 tokens in airdrops account for only 1.14%. Relatively speaking, $MOVE does seem to better cater to ordinary users rather than individual large holders. However, the data mentioned above is based on addresses that have claimed the airdrop, and some social media information suggests that many low-income addresses from airdrop studios may not have claimed the airdrop due to the fees being higher than the airdrop amount and may choose to claim after the Movement mainnet goes live.
Airdrop scale reaches $1.45 billion, surpassing $HYPE
Based on the total number of airdrops in this round, 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 claimed in this round of airdrop is approximately 420 million tokens, with still 580 million $MOVE airdrops unclaimed.
However, PANews discovered some issues through on-chain data that differ from mainstream data platforms. After the TGE of this round of tokens, the maximum circulating amount reported by Movement is no more than 22.5%, and multiple exchanges, including Binance, also calculate the circulating supply and market value of $MOVE based on this standard. However, on-chain data shows that the largest official holding address for $MOVE still holds over 83.8% of the token amount, meaning that the actual number of tokens circulating in the market is approximately 1.62 billion, accounting for about 16.2%.
Therefore, if estimated based on actual conditions, the circulating market value of $MOVE should be approximately $2.349 billion at its peak (calculated at a price of $1.45).
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Insufficient on-chain liquidity leads to price differences exceeding 5 times
On December 9, $MOVE was listed on multiple exchanges. However, due to insufficient liquidity, there were significant discrepancies in the token price between on-chain and centralized exchanges.
On Uniswap, the price of $MOVE reached a maximum of $5.15 on the morning of December 10, while at the same time, the price on Binance was only $0.96, resulting in a price difference of 5.3 times. This also provided opportunities for many arbitrage players. As of the afternoon of December 10, there were 8,199 on-chain addresses holding $MOVE tokens, with approximately 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 value exceeding $2 billion, this level of on-chain liquidity is indeed quite poor.
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According to on-chain analyst @ai_9684xtpa, the Korean exchange Coinone opened ahead of schedule at 7:30 PM on December 9, causing the opening price to reach about $700, which forced other major exchanges, Upbit and Bithumb, to delay their opening times. The token prices in the Korean market far exceeded those 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 $1.40. However, as of the afternoon of December 10, the prices of $MOVE tokens across multiple markets had basically leveled out.
Recently, with the arrival of the altcoin season, many previously pending star projects have chosen this time period to conduct airdrops. For players keen on claiming airdrops, it can be considered a welcome relief after a long drought. Overall, Movement's airdrop has more of a meaning of widespread distribution, but based on on-chain data, the number of addresses participating in this round of airdrop claims is not particularly high. Perhaps this is also the reason why Movement achieves a high ‘low-income’ level in airdrops. However, for investors attempting to speculate for profit from $MOVE tokens, they should focus more on the changes in its real liquidity and the ecological construction situation after the mainnet launch.
【Disclaimer】The market has risks, and investment requires caution. This article does not constitute investment advice, and users should consider whether any opinions, viewpoints, or conclusions in this article align with their specific circumstances. Investment based on this is at your own risk.
This article is authorized and reproduced from: (PANews)
Original author: Frank, PANews
‘Complete Victory over HYPE, Movement Airdrop Drenches 1.45 Billion Dollars, Early Booking for Annual Best?’ This article was first published in ‘Crypto City’
