One new layer-2 Ethereum (ETH)-based altcoin experienced a significant increase in value after Coinbase, a leading US cryptocurrency exchange, announced its support for the digital asset. The altcoin, called Movement (MOVE), reached a high of $1.45 on Monday, marking a gain of over 135% from its low of $0.616.
However, MOVE has since retraced and is currently trading at $0.65, representing a 13.1% decrease in the last 24 hours. With a market capitalization of $1.46 billion, MOVE currently ranks as the 96th largest cryptocurrency project.
Coinbase has labeled MOVE as “experimental,” which is assigned to tokens that carry certain risks, such as price volatility and potential order cancellations due to low trading volume and availability.
In addition to Coinbase, MOVE has also gained support from other prominent cryptocurrency exchanges, including Binance and Upbit in Korea.
The underlying programming language of MOVE, called Move, was originally developed by a consortium supported by Meta, a major technology company, for the now-defunct Diem project. Move was subsequently utilized to create layer-1 blockchains Sui (SUI) and Aptos (APT).
Earlier this year, venture capitalist Chris Burniske drew attention to the Movement ecosystem, stating that it is worth monitoring despite its current small size. Burniske emphasized the potential of the uncrowded ecosystem to generate significant opportunities.
Please note that the opinions expressed in this article are not investment advice. Investors are advised to conduct their own research before engaging in high-risk investments involving Bitcoin, cryptocurrencies, or digital assets. Transfers and trades are conducted at the investor’s own risk, and any resulting losses are the investor’s responsibility. The Daily Hodl does not endorse the buying or selling of any cryptocurrencies or digital assets and is not an investment advisor. The Daily Hodl may participate in affiliate marketing.
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