Movement Labs’ MOVE Token Surges 20% Amid Trump-Linked Purchase and Musk’s DOGE Involvement Rumors
Movement Labs’ native token, MOVE, saw a significant price surge on Tuesday, spiking as much as 20% to $0.89 following news that Donald Trump-backed World Liberty Financial had purchased tokens. A fresh report also hinted at Movement being in discussions with Elon Musk’s Department of Government Efficiency (DOGE), fueling further speculation and driving the token’s price upward, though it later trimmed some of the gains, remaining up 13% by press time.
Despite the buzz, Rushi Manche, co-founder of Movement Labs, denied any official communication with DOGE, stating, “Our papers have never hit the DOGE desk. There’s a lot of speculation in the rumors.” He emphasized that the company’s growth team had not met with DOGE representatives, adding, “It’s just a lot of speculation at this point.”
Nevertheless, Manche remained optimistic about the future, noting that blockchain companies involved with the government and political movements would emerge as winners in the long term. “In the next few months, the people and blockchain firms that are able to be part of the government—part of this new political movement—are the ones that will win in five years,” he said.
The rumor mill began churning after World Liberty Financial, a firm supported by Trump and his family, acquired $2 million worth of MOVE tokens in multiple transactions, according to blockchain data from Arkham Intelligence. The first transaction took place at 14:22 UTC, sparking the price rally.
The price jump was further fueled by a post on X from crypto sleuth dbnews at 14:48 UTC, suggesting that Movement was in talks to integrate blockchain technology into government operations. Musk, who leads the Department of Government Efficiency, is reportedly exploring blockchain for various purposes, including tracking federal spending, securing data, handling payments, and managing government buildings.
Bloomberg recently reported that DOGE representatives had held meetings with leaders of several blockchain networks, adding more fuel to the speculation.
In an X post, Manche proudly stated, “We are proud to be the first altcoin, first modern blockchain platform, and first alternative VM under the new administration. MOVE is Made in America.”
Minutes before the rally intensified, open interest for MOVE tokens on Coinbase surged to nearly 55 million contracts from around 44 million, according to pseudonymous crypto trader TheFlowHorse. This sudden spike indicated a large number of traders had opened derivative positions ahead of the price move.
The events surrounding MOVE’s price surge raised eyebrows within the crypto community, with some participants questioning the possibility of insider trading or market manipulation. However, Manche clarified that the Movement Foundation, the organization behind the network, had not sent any tokens to World Liberty Financial or any other party, describing the activity as purely market-driven. “There weren’t any deals—no backdoor deals. It was purely just market buying,” he told CoinDesk.
