The Movement Network Foundation, the organization behind the Movement (MOVE) altcoin, announced the repurchase of a total of 180 million MOVE tokens. The coins were purchased for an average price of $0.21, the statement said.
This means that a total of $37.8 million was paid for these coins.
Announcing the completion of the buyback process, the foundation stated that these MOVE tokens will be distributed to three main areas for the development of the ecosystem:
- On-Chain Liquidity
- Ecosystem Initiatives
- Developer Programs
The Movement Network Foundation stated that it will use these coins to support the community and developers who play a crucial role in building the ecosystem. Detailed plans are expected to be announced in the coming days.
MOVE’s market capitalization is approximately $384.47 million, a decrease of 3.15% over the past 24 hours. Meanwhile, trading volume increased by 25.52% to $66.64 million during the same period. MOVE, with a maximum supply of 10 billion coins, is currently held in 35,580 different wallets.
MOVE came to the fore in the cryptocurrency market a few months ago with allegations that some of its executives engaged in market manipulation.
*This is not investment advice.
Source: https://en.bitcoinsistemi.com/in-this-altcoin-developers-announce-the-buyback-of-millions-of-dollars-of-tokens-from-the-market/