There is no doubt that the $Move coin project attracted the attention of the market after its listing on the Binance platform. Most coins after listing are subject to selling pressure due to Airdrop, but in the case of the Movement project, the situation was somewhat different. In the first days of trading, the coin rose by more than 100% from the average listing price.
So what is the reason behind the hype around the Movement project? In this article, we will try to answer this question by explaining the project and the details of the coin in detail.
What is the Movement project?
It is a Layer 2 blockchain network built on top of the Ethereum network. Movement differs from other Layer 2 networks like Arbitrum in that it uses the Move programming language, a programming language developed by Facebook in 2019 to facilitate the operation of blockchain networks.
Being built in Move, the Movement network can process a huge number of transactions per second with block settlement times of just seconds.
While networks that use the Move language, such as Sui and Aptos, have received a lot of attention from the market recently, there is still a gap between them and Ethereum networks, and this is the gap that Movement seeks to excel in with its network.
During the pilot launch period, the network achieved promising successes, as the number of addresses on the network reached 15 million, in addition to the ecosystem including more than 60 projects and protocols.
What is Move Coin?
$MOVE is the native token of the Movement network. It plays a pivotal role as the transaction fee token on the network, and on any other network that uses MoveStack. This is especially important because most other Layer 2 networks use ETH to pay transaction fees, which makes Move increasingly in demand as the network becomes more used.
Not only that, Move will be used to govern the network for strategic decisions, which will enhance its role in determining the future of the network. The currency will also play an important role in enhancing the decentralization of the network, making it more secure and efficient.
MOVE Coin Details
The total supply of the coin is 10 billion coins, but the supply for trading upon listing is 2.2 billion coins, which is about 22% of the total project coins.
The distribution of currency economies will be as follows:
10% for initial claims
17.5% for early shareholders
22.5% for early backers
10% for the institution
40% for society and ecosystem
Binance is a major supporter of the project.
One of the things that caught my attention the most about the project is that Binance Labs, the investment arm of Binance, announced a strategic investment in the project a few months ago. Binance also supported Movement on its Web3 Wallet a few weeks before the official launch, which is rare for a new network.
Therefore, we may see a significant expansion of the Movement network in the coming period, especially if the market continues to prefer the Move networks as the best scaling solution for the blockchain.
