One new layer-2 Ethereum (ETH)-based altcoin experienced a significant surge in value after Coinbase, a top US crypto exchange, announced its support for the digital asset. MOVE, the altcoin in question, reached a high of $1.45 on Monday, marking a gain of over 135% from its low of $0.616.

However, MOVE has since retraced and is currently trading at $0.65, representing a 13.1% decrease in the last 24 hours. With a market capitalization of $1.46 billion, MOVE ranks as the 96th largest crypto project.

Coinbase has labeled MOVE as an “experimental” token due to certain risks associated with it, such as price volatility and canceled orders resulting from lower trading volume and availability.

In addition to Coinbase, MOVE has also gained support from other major crypto exchanges, including Binance and Upbit.

Move, the programming language behind MOVE, was originally developed by a consortium supported by tech giant Meta for the now-defunct Diem project. It was later utilized in the creation of layer-1 blockchains Sui (SUI) and Aptos (APT).

Earlier this year, venture capitalist Chris Burniske drew attention to the Movement ecosystem, expressing interest in its potential despite its current small size. Burniske stated, “It’s an uncrowded wave that might get very good.”

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