MOVE Token Surges Amid Rumors of Collaboration with Elon Musk’s DOGE

The native asset of the layer-two Ethereum scaling solution Movement, MOVE, has surged by 16.4% in the past 24 hours as rumors have spread across social media that they have been in talks with Elon Musk to power his novel government department.

Data from CoinMarketCap shows that the price of MOVE started to surge at around 9 a.m. from $0.7154 per token to as much as $0.95 just an hour after for a 33% gain.

Trading volumes exploded by 115% to $581 million during this same period, accounting for almost a third of the tokens circulating supply.

At around this time, social media users also reported that World Liberty Financial (WLFI), the decentralized finance platform launched by the Trump family last year, was accumulating MOVE tokens.

According to Arkham Intelligence, the protocol currently holds 2.4 million MOVE tokens, valued at around $1.95 million at the time of writing. This makes MOVE the 10^th largest holding owned by WLFI, accounting for 0.5% of its total assets under management (AUM).

Meanwhile, a couple of hours ago dbnews, a popular crypto-focused news service, reported that Movement was among the firms that were actively discussing a collaboration with Elon Musk’s Department of Government Efficiency (DOGE).

Dbnews cited anonymous sources. However, since its account is followed by nearly 435,000 users, the impact of the report may have also influenced the price of MOVE during the session.

Neither the developing team behind the Movement protocol nor Elon Musk have made any comments about the rumors.

$MOVE Token Temporarily Finds Support at $0.80 After This Morning’s Uptick

Movement successfully completed its MOVE airdrop in December. The token’s market cap surged to as much as $2.6 billion at some point in December. However, it has been progressively dropping since the year started until hitting $1.9 billion at the time of writing.

Today’s significant uptick has pushed MOVE above a critical trend line resistance. Although a big portion of the gains that the token saw during the first few hours of the day have evaporated already, MOVE is still trading nearly 14% above its January 27 closing price.

Predicting the token’s short-term trajectory at this point is a bit challenging as both support and resistance for these new levels need to be established in the daily chart.

However, the 5-minute chart shows that buyers showed up to scoop MOVE at around $0.805 while sellers have repeatedly rejected a move above $0.85 after this morning’s big push.

If Movement does become the preferred layer-two scaling solution used by DOGE to carry out its activities, this surge may be nothing compared to what’s coming to the token.

Musk’s DOGE Aims to Save the Federal Government Up to $2 Trillion

These rumors come to join a recent report from Bloomberg that indicated that the head of Tesla (TSLA) was currently holding talks with senior officers from multiple blockchains to adopt their solutions to support DOGE’s operations.

There were no specific mentions of the projects that participated in these meetings or what exactly the role of a blockchain network would be and how that would help the department achieve its mission.

However, Musk has already said that he intends to use every means available to cut costs. Job cuts, budget reductions, and other similar measures have been mentioned by Musk as some of the actions the department could take to save the federal government up to $1 trillion.

The use of blockchain technology could reduce the government’s reliance on third-party cloud services. In addition, it could optimize how certain internal processes work through the use of smart contracts and other similar tools.

However, no government agency has implemented a blockchain-based solution to this day. Can Musk be the first to do it? He has certainly been the first in many other fields.