MOVE soars after airdrop, yet enters correction. What's next?
Movement (MOVE), an Ethereum-based layer-2 blockchain, has surged 50% in price within the past 24 hours. The MOVE token price spike came just a day after the project’s official launch, which included distributing rewards through an airdrop to its early users.
On the 1-hour chart, the MOVE price hovers around the $0.6 mark but has previously rallied to $1.56. However, as it stands, the token is still in price discovery mode.
In crypto, price discovery is the process where buyers and sellers interact to establish a cryptocurrency’s fair market value. Since the token of the layer-2 project just launched, there is a high chance that it is yet to reach an agreed fair value.
But if the volume continues to climb, the altcoin might trade higher in the short term. However, if airdrop recipients begin to sell in large volumes, this might not happen. Instead, the token might experience a correction.
