Movement Network Foundation has announced the completion of the buyback of 180 million MOVE tokens, purchased for $37.8 million. These efforts aim to support the ecosystem and community development.
Details of the MOVE Token Buyback
The Movement Network Foundation stated that the tokens were repurchased at an average price of $0.21, leading to a total payout of $37.8 million.
Plans for Token Utilization
According to the foundation’s statement, the repurchased tokens will be distributed across three main areas for ecosystem development:
* On-Chain Liquidity * Ecosystem Initiatives * Developer Programs
The foundation also indicated that more detailed plans are expected to be announced in the coming days.
Current MOVE Market Metrics
As of now, MOVE's market capitalization stands at approximately $384.47 million, experiencing a decrease of 3.15% over the past 24 hours. Meanwhile, trading volume rose by 25.52% to $66.64 million during the same period. MOVE, which has a maximum supply of 10 billion coins, is currently held in 35,580 different wallets.
The announcement of the MOVE token buyback emphasizes the Movement Network Foundation's intention to support its community and developers. Amid recent challenges involving accusations of market manipulation, such actions may influence the future development of the ecosystem.
