Numerical Solution Movement Airdrop: 98.5% of addresses received over 100 MOVE, with the highest single address receiving 490,000 MOVE

Author: Frank, PANews

On December 9, the modular Layer1 Movement opened for airdrop claims. At the same time, several mainstream exchanges such as Binance, OKX, Upbit, and Coinbase rushed to list the MOVE token, becoming contenders for this year's "Grand Slam" in token listings. Many users shared their airdrop claim results on social media, with some receiving tens of thousands of MOVE tokens, while others expressed frustration at missing the opportunity due to the cumbersome airdrop tasks of Movement.

What is the specific situation of the MOVE airdrop? As there is currently no relevant data dashboard available in the market, PANews analyzed on-chain data of the MOVE token to investigate the actual situation of this round of airdrops.

80% of Users Can Claim Over 100 Tokens

As of December 10, there were a total of 39,900 airdrop claim transactions on-chain. Among the claimed airdrop data, there were 429 addresses that received more than 10,000 tokens in a single claim. Six addresses received over 100,000 tokens. Most users received between 500 and 1,000 tokens, accounting for approximately 38.24%. The next largest group received between 100 and 500 tokens, accounting for 22.45%, while addresses receiving between 1,000 and 2,000 tokens accounted for about 19.32%. Overall, addresses receiving between 100 and 2,000 tokens made up 80% of the total.

From the actual effect of the airdrop, addresses receiving fewer than 100 MOVE tokens accounted for only 1.5%, indicating that the distribution was relatively friendly to ordinary users. This means that 98.5% of eligible addresses were able to receive airdrop amounts exceeding $100.

Some large airdrop hunters took advantage of the situation. According to PANews' investigation, some addresses profited over $150,000 in this round of airdrops. For example, address 0x8f2e314a0081bdcdf304c0e1fdbd8e28ff7a82e4 claimed a total of 148,000 MOVE tokens through 35 addresses, with a maximum value exceeding $215,000. On average, each address received 4,253 tokens.

Additionally, the largest single address, 0x49130A1938b6498B3D7Cf6B856Afd91e75D8f087, received 493,333.33 MOVE tokens, with the highest single address airdrop amount reaching approximately $500,000. This address has since transferred the tokens to Binance and another address. This maximum value is not as high as HYPE's maximum single address of $9.56 million, but it is higher than Starknet's maximum single address of $360,000 and Jupiter's maximum single address of $130,000. However, in terms of address quantity, only 1.14% of addresses received over 10,000 tokens in airdrops. Relatively speaking, MOVE appears to be more considerate of ordinary users rather than individual large holders.

Airdrop Scale Reaches $1.45 Billion, Exceeding HYPE

Based on the total number of tokens in this round of airdrops, the scale of Movement's airdrop exceeded $1.45 billion, surpassing HYPE's previous airdrop scale of approximately $620 million. According to the official airdrop claim rules, users could choose to claim on the Ethereum mainnet or wait until the Movement mainnet goes live. Based on this ratio, the total amount claimed in this round of airdrops is approximately 420 million tokens, with 580 million MOVE tokens still unclaimed.

However, PANews discovered some discrepancies with mainstream data platforms through on-chain data. After the token TGE, Movement's official report stated that the maximum circulating supply does not exceed 22.5%, and several exchanges, including Binance, also calculated MOVE's circulating supply and market cap based on this standard. But on-chain data shows that the largest official holding address still holds over 83.8% of the token supply, meaning the actual circulating token quantity in the market is approximately 1.62 billion tokens, accounting for about 16.2%.

Therefore, if calculated based on actual conditions, MOVE's circulating market cap should have been $2.349 billion at its peak (based on a price of $1.45).

Insufficient On-Chain Liquidity Leads to Price Discrepancies Exceeding 5 Times

On December 9, MOVE was listed on multiple exchanges. However, due to insufficient liquidity, the token's price exhibited significant differences 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 during the same period was only $0.96, resulting in a price difference of 5.3 times. This also provided opportunities for many arbitrage players. As of the afternoon of December 10, there were 8,199 on-chain addresses holding MOVE tokens, with approximately 118,000 on-chain transactions. The total funds in several liquidity pools on Uniswap did not exceed $200,000. For a token with a market cap exceeding $2 billion, such on-chain liquidity is indeed quite poor.

According to on-chain analyst @ai_9684xtpa, the South Korean exchange Coinone opened ahead of schedule at 7:30 PM on December 9, causing the opening price to reach approximately $700, which forced other major exchanges like Upbit and Bithumb to delay their opening times. The token prices in the South Korean market were significantly higher than those in other regions, with MOVE prices on Korean exchanges like Upbit remaining above $2 before noon on December 10, while prices on exchanges like Binance did not exceed $1.4. However, by the afternoon of December 10, the prices of MOVE tokens across multiple markets had largely converged.

Recently, with the arrival of the altcoin season, many previously pending star projects have chosen this time to conduct airdrops. For players keen on claiming airdrops, this is indeed a welcome opportunity. Overall, Movement's airdrop seems to embody the spirit of widespread distribution, but from on-chain data, the number of addresses participating in this round of airdrop claims is not particularly high. Perhaps this is also the reason why Movement achieved a high "minimum guarantee" level in its airdrop. However, for investors attempting to speculate and profit from MOVE tokens, it may be more important to focus on the changes in its actual liquidity and the ecological development after the mainnet launch.