Original author: Frank, PANews
On December 9, the modular layer 1 Movement opened airdrops. At the same time, many mainstream exchanges such as Binance, OKX, Upbit, and Coinbase competed to list MOVE tokens, becoming the Grand Slam of this years listings. Many users posted the results of their airdrops on social media, and many received tens of thousands of MOVEs. Some users also said that they missed the opportunity due to the cumbersome airdrop tasks of Movement.
What is the specific situation of MOVE airdrop? Since there is no relevant data dashboard on the market, PANews analyzes the on-chain data of MOVE tokens to investigate the actual situation of MOVE airdrop in this round.
80% of users can receive more than 100 tokens
As of December 10, there were 39,900 airdrop claiming transactions on the chain. Among the data of airdrops that have been claimed, there are 429 addresses with a single airdrop of more than 10,000 tokens. There are 6 addresses that have received more than 100,000 tokens. Most users received between 500 and 1,000 airdrops, accounting for about 38.24%. The second largest number of addresses received between 100 and 500 tokens, accounting for 22.45%, and the number of addresses that received between 1,000 and 2,000 tokens was about 19.32%. Overall, addresses with between 100 and 2,000 tokens accounted for 80% of the total.
From the actual effect of the airdrop, the proportion of addresses with less than 100 MOVE tokens is only 1.5%, which is relatively friendly to ordinary users in terms of the number of airdrops allocated. This means that 98.5% of addresses that meet the airdrop qualifications can get an airdrop amount of more than $100.
MOVE airdrops provide opportunities for some big money-grabbing users. According to PANews, some money-grabbing addresses have made more than $150,000 in this round of airdrops. For example, address 0x8f2e314a0081bdcdf304c0e1fdbd8e28ff7a82e4 received 148,000 MOVE tokens through 35 addresses, with the highest value exceeding $215,000. On average, each address received 4,253 tokens.
In addition, the largest single address 0x 49130 A 1938 b 6498 B 3D 7 Cf 6 B 856 Afd 91 e 75 D 8 f 087 is 493,333.33 MOVE, and the maximum airdrop amount of a single address is about 500,000 US dollars. At present, the address has transferred the tokens to Binance Exchange and another address. This maximum value is not as high as HYPEs largest single address of 9.56 million US dollars , but it is higher than Starknets largest single address of 360,000 US dollars and Jupiters largest single address of 130,000 US dollars. However, from the perspective of the number of addresses, the proportion of addresses that can get airdrops of more than 10,000 tokens is only 1.14%. Relatively speaking, MOVE does take better care of ordinary users than individual big users from these perspectives.
The airdrop scale reached 1.45 billion US dollars, exceeding HYPE
According to the total number of airdrops in this round, the maximum airdrop scale of Movement in this round is more than 1.45 billion US dollars, which is higher than the previous airdrop scale of HYPE, which is about 620 million US dollars. According to the official airdrop claiming rules, users can choose to claim on the Ethereum mainnet or wait until the Movement mainnet is launched. According to this ratio, the total amount of airdrops received in this round is about 420 million, and there are still 580 million MOVE airdrops that have not been claimed.
However, PANews found some problems with the on-chain data that are different from the mainstream data platforms. After this round of token TGE, the maximum circulation volume reported by Movement officially does not exceed 22.5%, and many exchanges including Binance also calculate MOVEs circulation and market value according to this standard. However, on-chain data shows that MOVEs largest official coin holding address still holds more than 83.8% of the tokens, which means that the number of tokens actually circulating in the market is about 1.62 billion, accounting for about 16.2%.
Therefore, if calculated according to the actual situation, the circulating market value of MOVE should be US$2.349 billion at its highest (calculated at a price of US$1.45).
Insufficient on-chain liquidity leads to a price difference of more than 5 times
On December 9, MOVE was launched on multiple exchanges. However, due to insufficient liquidity, the price of the token is quite different between on-chain exchanges and centralized exchanges.
On Uniswap, the price of MOVE reached a maximum of $5.15 on the morning of December 10, while the price on Binance was only $0.96 during the same period, a price difference of 5.3 times. This also provides opportunities for many arbitrageurs. As of the afternoon of December 10, there were 8,199 MOVE token holding addresses on the chain, and the number of on-chain transactions was about 118,000 coins. The total funds of several liquidity pools on Uniswap do not exceed $200,000. For a token with a market value of more than $2 billion, such on-chain liquidity is indeed too poor.
According to the analysis of on-chain analyst @ai_ 9684 xtpa, the Korean exchange Coinone opened the market at 7:30 pm on December 9, resulting in the highest opening price reaching about $700, which forced two other large exchanges, Upbit and Bithumb, to postpone their opening time. The token price in the Korean market is far higher than the exchange prices in other regions. Before 12:00 on December 10, the MOVE price on Korean exchanges such as Upbit has been maintained at more than $2, while the price on exchanges such as Binance does not exceed $1.4. However, as of the afternoon of December 10, the price of MOVE tokens in multiple markets has basically smoothed out the price difference and tended to be unified.
Recently, with the arrival of the altcoin season, many star projects that were waiting to issue coins have chosen this period to carry out airdrops. For players who are keen on airdrops, it can be regarded as a long-awaited sweet dew. In general, the airdrop of Movement is more like a sunshine award, but judging from the on-chain data, there are not many addresses participating in this round of airdrop applications. Perhaps this is also the reason why Movement has achieved a high minimum guarantee level of airdrops. But for investors who try to profit from the speculation of MOVE tokens, perhaps they should pay more attention to the changes in its real liquidity and the ecological construction after the mainnet is launched.
