MOVE Token Spikes 20% After Trump-Linked Purchase and Musk’s DOGE Involvement Rumors Surface

The MOVE token from Movement Labs surged 20% on Tuesday, hitting $0.89, after reports emerged that World Liberty Financial, a company with ties to former President Donald Trump, had made a significant token purchase. The price surge was also fueled by fresh speculation that Movement Labs is in talks with Elon Musk’s Department of Government Efficiency (DOGE), adding to the excitement surrounding the token. After an initial jump, the token’s price stabilized, still showing a 13% increase at press time.

Rushi Manche, the co-founder of Movement Labs, quickly responded to the rumors, saying, “Our papers have never hit the DOGE desk. There’s a lot of speculation around this.” He clarified that their growth team hadn’t had any meetings with DOGE representatives, dismissing the rumors as unfounded.

Despite the speculation, Manche expressed confidence in the future, stating, “In the coming months, blockchain firms that align with government efforts will be the ones that thrive in the long term.”

The speculation began after World Liberty Financial, a company backed by Trump and his family, purchased $2 million worth of MOVE tokens in multiple transactions. Blockchain data from Arkham Intelligence revealed that the first purchase occurred at 14:22 UTC, triggering the token’s rally.

Things heated up further when crypto sleuth dbnews posted on X, claiming that Movement Labs was exploring blockchain technology for government operations. Musk, who leads the Department of Government Efficiency, is reportedly evaluating blockchain for purposes such as tracking federal spending, securing sensitive data, and managing government buildings.

Bloomberg also reported last week that DOGE representatives had held talks with leaders of various blockchain projects, stoking further interest in the possibility of Musk’s department working with blockchain networks like Movement Labs.

“We are proud to be the first altcoin, first modern blockchain platform, and first alternative VM under the new administration,” said Manche in an X post. “MOVE is Made in America.”

As the MOVE token’s price rose, open interest for the token spiked on Coinbase, jumping to nearly 55 million contracts from about 44 million. This surge in open interest suggested that traders were gearing up for the move, according to pseudonymous crypto analyst TheFlowHorse.

The sudden price action has raised questions within the crypto community about potential insider trading or market manipulation. However, Manche was adamant that no tokens had been sent to World Liberty Financial or any other parties, maintaining that the price increase was purely driven by market buying activity. “There were no deals, no backdoor arrangements,” he said.