Oh, what a jolly good day it is! Investment firms Rex Shares and Osprey Funds have tiptoed into the grand halls of the U.S. Securities and Exchange Commission (SEC) with a rather cheeky application to list an exchange-traded fund (ETF) that dances to the tune of Movement Networks’ MOVE token! 🎉 This delightful event coincides with the launch of the Movement Public Mainnet Beta, a fancy Ethereum layer-2 solution built using MoveVM. Isn’t that just splendid?
Now, hold onto your hats! According to the filing, the proposed REX-Osprey MOVE ETF plans to stash at least 80% of its shiny assets into MOVE or its delightful derivatives. This is all to give investors a front-row seat to the Ethereum layer-2 blockchain network. But wait! The SEC has yet to give its royal approval. How thrilling! 😲
In a twist that would make even the most seasoned storyteller chuckle, this filing marks a departure from the usual focus on Bitcoin and Ethereum-based funds. Why, you ask? Because Donald Trump has recently appointed the crypto-friendly Mark Uyeda as the acting SEC Chair! This could mean some rather exciting regulatory shifts that might just tickle the fancy of ETF approvals. 🧐
Movement Network’s Mainnet Launch
Meanwhile, the Movement Foundation has trumpeted the successful launch of Movement Public Mainnet Beta, with a whopping $250 million in at-launch Total Value Locked (TVL). Rushi Manche, Co-Founder of Movement Labs, had this to say about the ETF filing:
“Breaking the pattern of ETFs limited to long-established cryptocurrencies opens doors for institutional capital to support next-generation blockchain innovation.” How very profound! 🧐✨
Movement Public Mainnet Beta IS HERE! You can now use Movement! 🎊
— Movement Network Foundation (@movementfdn) March 10, 2025
The MOVE token has responded with a little jig of joy, gaining 5% in the last 24 hours and currently trading around $0.53. With a market capitalization of $1.28 billion, it proudly holds the 61st spot in the grand list of largest cryptocurrencies, according to CoinMarketCap data. Quite the achievement, wouldn’t you say? 🥳
MOVE Price Outlook
On the daily price chart, the MACD indicator is showing a bullish crossover, like a happy little dance! The MACD line (blue) has leapt above the signal line (orange), hinting at a potential upward trend. The histogram is also printing green bars, signaling increasing bullish momentum. Hooray! 📈
Meanwhile, the MOVE price is currently frolicking near the upper Bollinger Band, suggesting a bit of increased volatility. If MOVE can hold its ground above this level, it could indicate a strong breakout! But beware, for a rejection from this resistance might send the price tumbling back toward the middle band. Oh, the suspense! 😱
On the other hand, the RSI (Relative Strength Index) is sitting at a cozy 52, signaling a delightful balance between buyers and sellers. A move above 60 could confirm strong bullish momentum. How exciting! 🎈
Analysts
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2025-03-10 22:11