A new layer 2 Ethereum (ETH)-based altcoin jumped by triple digits as Coinbase, the leading US cryptocurrency exchange, added trading support for the asset.
Movement (MOVE) surged to a high of $1.45 on Monday, up more than 135% from its low of $0.616.
MOVE has since rebounded and is trading at $0.65 at the time of this writing, down 13.1% in the last 24 hours. It is the 96th largest cryptocurrency project with a market capitalization of $1.46 billion.
Coinbase has added an “experimental label” to MOVE. The platform allocates tokens that carry certain risks, such as price fluctuations and order cancellations due to reduced trading volume and availability.
MOVE also recently received support from leading cryptocurrency exchange Binance and Korean cryptocurrency exchange Upbit.
Move is a programming language originally built by a consortium backed by tech giant Meta for the now-defunct Diem project. It was then used to develop layer 1 blockchains Sui (SUI) and Aptos (APT).
Earlier this year, venture capitalist Chris Burniske took notice of the Movement ecosystem.
Bernisk said.
“We think the Move ecosystem is worth paying attention to, even though it is very small at this point. Movement, Aptos, Sui…
People aren’t talking about that ecosystem in a way that I find interesting right now. Because I always like to go to places where people don’t talk much about something. It’s an uncrowded wave that can get very good.”
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