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

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

Coinbase has labeled MOVE as “experimental,” a designation given to tokens that carry certain risks, such as price volatility and the possibility of canceled orders due to low trading volume and availability.

In addition to Coinbase, MOVE has recently gained support from other major cryptocurrency exchanges, including Binance and Upbit, a Korean exchange.

MOVE is built on the Move programming language, which was originally developed by a consortium supported by tech giant Meta for the now-defunct Diem project. The language has also been utilized in the creation of layer-1 blockchains such as Sui (SUI) and Aptos (APT).

Earlier this year, venture capitalist Chris Burniske drew attention to the Movement ecosystem, stating that it is worth monitoring despite its current small size. Burniske believes that the ecosystem, including Movement, Aptos, and Sui, has the potential for significant growth, as it has not yet garnered widespread attention.

Please note that the opinions expressed in this article are not investment advice. Investors should conduct their own research and exercise caution when investing in Bitcoin, cryptocurrencies, or digital assets. All transfers and trades are undertaken at one’s own risk, and any resulting losses are the responsibility of the individual. The Daily Hodl does not endorse the buying or selling of any cryptocurrencies or digital assets and is not an investment advisor.