Layer-2 Project Using Facebook’s Move Language Rallies Hard as Coinbase Adds Trading Support

One new layer-2 Ethereum (ETH)-based altcoin jumped by triple digits as top US crypto exchange Coinbase added trading support for the asset.

Movement (MOVE) soared to a high of $1.45 Monday, a gain of more than 135% from its low of $0.616.

MOVE has since retraced and is trading for $0.65 at time of writing, down 13.1% in the last 24 hours. With a market cap of $1.46 billion, it is the 96th-largest crypto project.

Coinbase added the “experimental label” to MOVE, which the platform assigns to tokens that pose certain risks such as price swings and canceled orders because of lower trading volume and availability.

MOVE also recently gained support on top crypto exchange Binance and Korean crypto exchange Upbit.

Move is a programming language originally built by a consortium backed by tech giant Meta for the now-defunct Diem project. It was then used to develop layer-1 blockchains Sui (SUI) and Aptos (APT).

Earlier this year, venture capitalist Chris Burniske called attention to the Movement ecosystem.

Said Burniske,

“I think it’s worth paying attention to – even though it’s very small at this point – the Move ecosystem so things like Movement, Aptos, Sui…

People are not really talking about that ecosystem right now in a way that I find interesting, because I always like to go where people aren’t talking about something much. It’s an uncrowded wave that might get very good.”

Generated Image: Midjourney