Movement's $38M Buyback: 10M $MOVE Repurchased for $5.44M

By Cheryl L.

On March 24, Movement Network Foundation announced a $38 million USDT buyback program aimed at restoring liquidity and rebuilding trust within the Movement ecosystem.

According to on-chain data monitored by @EmberCN on March 26, Movement has repurchased 10 million MOVE tokens, valued at approximately $5.44 million, on Binance. These tokens were transferred to an on-chain address on March 25 at 20(UTC), marking 14.31% completion of the buyback plan.

The buyback was initiated after Binance notified Movement on March 11 about an investigation into a market maker's activities, which allegedly violated the agreement to provide liquidity for the MOVE/USDT trading pair. The market maker had reportedly sold a significant amount of MOVE tokens shortly after the token generation event (TGE) in December 2024 without fulfilling meaningful buy orders. In response, Movement announced on March 24 that it would terminate its partnership with the market maker and allocate the recovered $38M USDT for the buyback program. The purchased $MOVE tokens will be periodically transferred to the Movement Strategic Reserve's on-chain wallet.

The price of $MOVE has risen from $0.43 to $0.56, reflecting a 31.62% increase since March 25, as a direct consequence of the buyback.

According to on-chain data monitored by @ai_9684xtpa, MOVE has shown a notable price increase compared to other projects like $GPS and $SHELL, which also initiated buyback plans due to issues with market makers. This is likely due to $MOVE's larger and more concentrated buyback amount. However, it is important to note that the holdings in the on-chain buyback address do not necessarily reflect the actual number of tokens repurchased. Some tokens may have been repurchased but not yet withdrawn.