MOVE Surges 6% Amid Movement Mainnet and Rex ETF Filing

Despite the wider crypto market decline, Movement Network’s MOVE has surged over 6% today and 14% in a week. 

The bullish momentum follows the launch of Movement’s mainnet beta and fresh ETF filings from Rex Shares and Osprey Funds.

Movement Network’s Mainnet Beta Goes Live

The mainnet became operational on March 10 at 15:00 UTC, offering a key bridging mechanism powered by LayerZero. Users can now move assets like MOVE, USDT, USDC, wBTC, and wETH onto the Movement blockchain.

The launch brings over $233 million in liquidity to the network, including BTC, ETH, and MOVE, sourced through the Movement Cornucopia program. With this rollout, developers and users can interact with the network freely for the first time.

MOVE was originally developed as part of Facebook’s digital currency initiative, which was abandoned in 2022. 

Since then, the programming language has been used for layer-1 projects like Sui and Aptos, while Movement Labs has extended it to create an Ethereum-based layer 2.

Rex Shares File for a MOVE ETF With SEC 

On the same day as the mainnet launch, investment firms Rex Shares and Osprey Funds have filed to introduce an ETF tracking the price of MOVE.

Previously, Rex Shares has sought ETF approvals for various crypto assets, including meme tokens like TRUMP, BONK, and DOGE.

The filings come as the SEC is seemingly turning more pro-crypto and dropping securities status for many assets. Earlier, the Commission announced that it does not consider meme coins as securities.

Also, Under the new leadership, the regulator has dismissed several lawsuits and investigations involving firms like Coinbase, Kraken, Robinhood, and more. These positive developments are influencing more altcoin ETF applications. 

With these positive developments, MOVE has now crossed $1.2 billion in market cap. The altcoin’s trading volume has also surged by over 40% today.