The native token of the Movement Network, MOVE, surged 23% in the last 24 hours. Currently trading at $0.51 per token, the rally comes just hours after the network announced a $38 million token buyback program.
On March 24, the Movement Network disclosed that it had recovered $38 million in assets from a market maker that had manipulated MOVE token liquidity on the Binance network. The market maker was sanctioned for market irregularities, leading Binance to freeze its proceeds and ban it from engaging in market-making activities.
With the recovered funds, Movement Network is launching a three-month buyback program called the “Movement Strategic Reserve.” This initiative aims to repurchase MOVE tokens, restore stability, and enhance long-term investor confidence in the project.
The MOVE token also saw a jump in trading volume, surging over 1743% and reaching $792 million. Its market cap now stands at $1.36 billion, reflecting the sudden interest of investors and crypto whales in the MOVE token.
From a technical perspective, MOVE is displaying extremely bullish tendencies. However, caution is advised as the Relative Strength Index (RSI) has reached 79.88, a point within the overbought territory. This high RSI reading shows that a temporary pullback might happen before any further upward movement.
BITSO Enters Stablecoin Market
With the MOVE price increase, traders have noticed another development. The company’s business development division, Bitso Business, has launched Juno, a subsidiary focused on issuing and managing digital assets like stablecoins.
Stablecoins, an asset class valued at almost $230 billion, represent one of the most significant success stories in cryptocurrency adoption. By linking prices to an external asset, mainly fiat currencies such as the U.S. dollar, they provide a more cost-effective and quicker option for transactions compared to conventional financial systems.
Countries worldwide continue establishing or progressing regulations to integrate stablecoins into the global financial framework.
Juno will use the Juno Mint Platform to promote the new stablecoin. APIs and tools will be offered to enable companies to issue, redeem, and convert MXNB. The MXNB stablecoin will assist firms in conducting business in Latin America.
READ MORE: Immutable (IMX) Rallies 15% After SEC Wells Notice Concludes
