Movement Labs Launches $MOVE Token with 10 Billion Supply, 22% Initial Circulation, 60% Allocated to Community, $41.4 Million Raised

Movement Labs has announced the launch of its utility token, $MOVE, which will play a crucial role in the Movement Network Foundation's objectives. The total supply of $MOVE is set at 10 billion tokens, with an initial circulation of 22%.

A significant portion, 60%, will be allocated to the community, including 40% for the ecosystem and community, 10% for initial claims, and 10% for the foundation. Additionally, early contributors will receive 17.5%, while early investors will be allocated 22.5%. The token is intended for use in transaction fees and staking for validator nodes on the Ethereum-based Move blockchain, which has raised $41.4 million in total funding. The specific wallet address for the token has yet to be disclosed, but users are advised to await further updates following the testing phase.

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