MOVE Surges 25% After $38 Million Buyback Announcement
On March 26, 2025, the value of the MOVE token surged 25% after the Movement Network Foundation announced a $38 million token buyback.
Cause and development:
Market maker incident: A market maker tasked with providing liquidity for MOVE on Binance sold 66 million MOVE tokens shortly after listing, netting a profit of $38 million. This behavior was deemed “market irregularity” by Binance, leading to the freezing of the account and removal of the maker from the platform.
Cointelegraph
Movement Network Foundation’s response: Upon discovery, the foundation recovered the $38 million and pledged to use the entire amount for a three-month buyback program, aimed at reducing selling pressure and increasing liquidity in the ecosystem.
Market Impact:
Whale Accumulation: Data shows that wallets holding between 100 million and 1 billion MOVE increased their holdings from 553 million to 953 million tokens in 48 hours, equivalent to buying an additional 400 million MOVE, worth over $185 million at current prices.
CCN.com
On-chain Activity Surges: Daily active addresses are up 265%, indicating growing interest in MOVE.
Technical Analysis:
Price Pattern: MOVE has broken out of a multi-month falling wedge pattern, a bullish reversal signal.
Momentum Indicators: The MACD and Super Oscillator lines are both pointing up, indicating positive momentum.
Money Flow Index (MFI): Standing at 65, indicating buying pressure is increasing but not yet overbought.
Outlook:
With these positive signs, MOVE could target the $0.90 resistance level, a 65% increase from current levels. A break above this level could point to the yearly high of $1.12. However, if MOVE falls below the lower trendline of the wedge, the price could drop to $0.37.
