Movement Returns 50M MOVE to Binance After Major Buyback
The Movement team has returned 50 million MOVE tokens to Binance, marking the latest step in its regulatory-mandated MOVE token buyback. In March, the project allocated $38 million to repurchase 180 million MOVE tokens at an average price of $0.21, moving them to a publicly disclosed on-chain address. To date, a total of 115 million MOVE tokens (≈$10.91 million) have been deposited back on Binance, boosting exchange liquidity. MOVE tokens are trading around $0.05065, down 2.95% over 24 hours. On-chain analysis from EmberCN links the deposit address to the Movement team, suggesting a deliberate market operation. Traders should watch these on-chain MOVE token transfers closely, as continued deposits or withdrawals may influence circulating supply, price action, market sentiment, and investor confidence.
Bearish
The transfer of 50 million MOVE tokens back to Binance significantly increases available liquidity on the exchange, heightening the risk of selling pressure that can depress the token’s price in the near term. The recent 2.95% decline in MOVE’s trading price underscores this immediate impact. Although the prior $38 million MOVE token buyback showcased strong regulatory compliance and supply management, the net influx of tokens onto Binance signals a bearish stance, as traders may offload holdings. Continued on-chain deposits are likely to amplify downward pressure, making the short-term outlook cautiously bearish for MOVE.