Ethereum Layer-2 token Movement ($MOVE) is seeing a steep correction following its Binance launch on Monday and subsequent Tier-1 listings.
The MOVE coin reached a new all-time high of $1.40 following its Coinbase listing. However, profit-taking and concerns regarding unexpected fees in airdrop claims have resulted in a dip, with the token now trading over 50% below its all-time high.
Sidelined investors are unsure about whether to buy the dip or pivot to microcap meme coins, which have offered significantly better returns than L2 coins during this bull cycle.
For instance, smart money investors are eyeing up to 100x returns from Crypto All-Stars, a new meme coin launching in December.
Movement Price Crash – Buy The Dip?
The new viral L2 coin Movement has erased much of its gains following Monday’s Binance launch. Starting with a listing price of $0.2, the MOVE price traded as high as $1.40, seeing a staggering 7x growth.
The rally was fuelled by Tier-1 CEX listings, including Binance, Coinbase and South Korean exchange Upbit.
However, the MOVE is currently trading at $0.68 with a market capitalization of $1.5 billion, down nearly 51% from its all-time high.
The correction could partly be attributed to profit-taking from early buyers, airdrop farmers and whales, as is typical of any new high-profile launch.
However, the project is seeing considerable FUD as well. For instance, it is drawing the ire of its community for adding an unexpected 0.015 ETH fee, hoping to dissuade investors from claiming and selling their airdrop tokens.
lol what is this bs @movementlabsxyz taking 0.015 ETH for every airdrop claim now? mainnet fees went down and movement labs added a 0.015eth fees on their own to stop people from claiming lol. $MOVE pic.twitter.com/nHetNKCUl8
— 360 (@gtx360ti) December 10, 2024
Its underlying technology is also facing criticism. The Movement L2 ecosystem is built on the MoveVM, using Facebook’s Move programming language, which is also used for Sui and Aptos. The bulls have praised its parallel computation, native modularity and Resource Oriented Architecture.
However, Moonrock Capital CEO Simon has accused its technology of being underwhelming, essentially a duplicate of Aptos. Movement’s co-founder Rushi Manche has vehemently objected to the narrative.
However, the biggest issue for the Movement coin is the underperformance of the Layer-2 sector in this bull market. For instance, the largest L2 coin, Mantle, is up only 76% YTD, compared to Bitcoin’s 126%. Eight of the top ten L2 coins on CoinMarketCap are in deep red territory year-to-date. While Arbitrum has dropped by 40%, Starknet has seen an even steeper decline of over 75%.
There is a significant chance that the Movement coin continues to underperform as well while meme coins steal the show.
Investors Call Crypto All-Stars The Best New Crypto to Watch
Crypto All-Stars (STARS) is one of the hottest presale commodities in the meme coin sector today.
The meme coin is adding nearly $1 million to its presale tally daily and has already raised over $11.5 million.
🎶 We gonna rock down to All-Stars Avenue 🎶Crypto All-Stars is constantly raising the bar higher as we countdown to launch! 👾💜11 Million raised and the party doesn’t stop here! 🥳 pic.twitter.com/zpltZoNRSe
— Crypto All-Stars (@all_stars_coin) December 10, 2024
The strong presale performance is largely due to the heavy whale bidding. Just today, a whale swapped 50 ETH for $177k worth of STARS, while another purchased $116k worth of the meme coin.
Smart money investors aren’t waiting any longer to add Crypto All-Stars to their portfolio, considering its presale is ending in just a little under 10 days.
Unlike most new meme coins, STARS is a high-utility token with sound tokenomics. Its key selling point is MemeVault, the first-ever unified staking model which is set to accept 11 meme coins and offer attractive staking rewards to the stakers.
Investors can also stake their STARS holdings in MemeVault and earn thrice the rewards. Early buyers are already benefitting from a secondary presale staking protocol, which is currently offering a reward rate of over 200%.
With such attractive monetary perks, it is no surprise that smart money investors are bullish on this new meme coin’s upside potential, with some even calling it the next 100x meme coin.
After all, STARS is set to launch in December amid the meme coin supercycle. In such bull market euphoria, tokens with much less value have offered much higher returns.
Visit Crypto All-Stars Presale
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