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Movement Labs’ MOVE token spiked significantly today after rumors that it’s advising Elon Musk’s D.O.G.E. The modular network is reportedly in contact with the organization, but the reports remain unconfirmed.
World Liberty Financial (WLFI), the Donald Trump-backed DeFi project, also purchased around $2 million in MOVE tokens, suggesting some correlation between the company and Trump’s administration.
Movement Labs Advises D.O.G.E.
The Department of Government Efficiency (D.O.G.E.), a new quasi-government organization headed by Elon Musk, is exploring the role of blockchain. Several key crypto companies have rallied behind it, and rumors began circulating today that Movement Labs is advising D.O.G.E.
Its co-founder, Rushi Manche, alluded to these rumors after WLFI started buying MOVE earlier today.
“The strategic MOVE stockpile. We are proud to be the first altcoin, first modern blockchain platform, and first alternative virtual machine under the new administration. MOVE is Made in America,” Manche claimed on X (formerly Twitter).
There are no confirmed details about this potential collaboration, but this statement is lending credence to rumors. Trump’s crypto project World Liberty Financial (WLFI) purchased around $2 million worth of MOVE tokens, clearly showing some connection.
Even so, it’s currently unclear what exactly Movement Labs is planning to contribute to D.O.G.E. Nonetheless, these D.O.G.E. rumors have caused huge spikes in Movement Labs’ MOVE token.
The token gained nearly 100% after launching on Binance in December 2024. Within a week of launch, it reached a peak price of $1.45 and a market cap of $2.7 billion, but it saw consecutive corrections.
Earlier this month, Movement Labs announced $100 million in Series B seed funding. After these rumors took off, MOVE jumped up over 15%.
MOVE 24-Hour Price Chart. Source: BeInCrypto
In general, it seems safe to assume that Movement Labs is contributing to D.O.G.E.’s existing inquiries. Musk directed the Department to explore blockchain’s use cases for reducing government spending, so the company is probably tackling this question.
However, the firm is yet to make any affirmation of these rumors or any other potential indicators other than the latest WLFI investment.
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