Movement (MOVE) price has experienced a notable price surge, jumping 15% in the past 24 hours. This follows an even more significant spike of nearly 50% yesterday before seeing some pullback. The sudden price action has many investors wondering what’s driving this rally in the MOVE token.

The price jump is connected to a major announcement of $38 million in buybacks as the project recovers funds from malicious market makers. This recovery effort has pushed the MOVE price up, showing strong positive sentiment returning to the token.

The buyback plan comes in response to a troubling situation uncovered by Binance. According to Wu Blockchain, Binance discovered that a market maker associated with Movement was linked to another firm previously banned for misconduct.

Binance announced that a market maker associated with Movement (MOVE) was linked to another firm previously banned for misconduct. The entity dumped 66 million MOVE tokens on December 10, shortly after listing, with little buy-side support, and profited approximately $38 million…

This entity reportedly dumped 66 million MOVE tokens on December 10, shortly after the token’s listing, with minimal buy-side support. The market maker allegedly profited around $38 million USDT before Binance removed them on March 18.

In response to this market manipulation, the Movement Network Foundation has completely severed all partnerships with the problematic market maker. They’ve also taken the additional step of alerting other exchanges about the situation to prevent similar issues across the broader market.

The cornerstone of Movement’s recovery strategy is the newly launched $38 million buyback plan designed to support the MOVE token ecosystem. This buyback initiative will take place on Binance over the next three months, creating sustained buying pressure that is already being reflected in the MOVE price action.

Buybacks have started.

Here's the first deposit:https://t.co/BFpGmvfhFe

Wu Blockchain further reported that the market maker involved with Movement is the same entity as GPS SHELL, which is Web3Port (Whisper). According to Rootdata, this company’s investment portfolio includes other projects such as Puffer, UXLINK, and Bitlayer.

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The MOVE tokens have responded positively to these developments, with the buyback program officially beginning with its first deposit. This proactive approach by the Movement team shows their commitment to protecting investors and strengthening confidence in the project’s future.

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The post Here’s Why Movement (MOVE) Price Is Pumping appeared first on CaptainAltcoin.

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