1/n - Longed $MOVE for a trade
2/n - Bad press is pretty much all over and widely known at this point - anyone who wanted to sell because of it is gone.
3/n - So why bid $MOVE now? Fundamentally, the team is indicating commitment towards building. i.e this is not going to be left alone in the dark to die
x.com/torabyou/status/19195360...
4/n - What is the immediate catalyst? Let's remember that MOVE has to buy back 38MM USDT worth of tokens
x.com/rushimanche/status/19044...
5/n - Of which we can see here that 20MM of MOVE was bidded back. If we use the high print of 0.6, that would be about ~12MM USDT used.
etherscan.io/address/0xA14C8e3...
6/n - Of which as you can see here the execution prompted an immediate 50% up candle.

7/n - Thus, i estimate that the team probably has ~26MM (38mm-12mm) of USDT left that THEY have to buy back $MOVE with
8/n - This is presumably the proceeds that Binance froze from the web3 port disposal. Given the optics and scrutiny the team is facing - i think they will want to bid back as cleanly as possible
9/n - Now, what else makes this compelling? The 4HR funding is 0.45% - i.e i'm being paid ~2.7% a day to be long. Over the course of a month, as long as price is flat - funding would have recouped my entire position

10/n - This provides a nice cushion to a trade that IMO makes sense and is DEEPLY hated.
11/n - tldr went long $MOVE because token not dead, 26MM of USDT purchases to be made (estimated) and nice funding for a cushion
x.com/degentradingLSD/status/1...
update - $MOVE unlock will be AFTER June 9
x.com/movementfdn/status/19197...
closed at a loss - something feels off to me about and i cant pinpoint why. On to the next~

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Disclaimer: The content above is only the author's opinion which does not represent any position of Followin, and is not intended as, and shall not be understood or construed as, investment advice from Followin.
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