MOVE token jumped 16% Wednesday amid rumors that Elon Musk is considering the Movement blockchain for his government transparency initiative.

Movement’s (MOVE) token gained 16% on Jan. 29 as reports surfaced that Elon Musk‘s Department of Government Efficiency team is evaluating the blockchain for his transparency efforts. In an X post on Jan. 28, Walter Bloomberg, citing a source familiar with the matter, reported that “Movement among firms discussing blockchain use with Musk’s DOGE team.”

At the same time, on-chain analysts spotted a big purchase from World Liberty Financial, a crypto project linked to President Donald Trump. The firm bought about $2 million worth of MOVE tokens, pushing the price from $0.71 to over $0.88 before settling around $0.80. The purchase quickly sparked concerns over insider trading.

Amid those accusations, Movement Labs co-founder Rushi Manche said the team isn’t directly working with World Liberty Financial, telling crypto media that Movement is “not in direct communication with the Trump-backed DeFi project.” He also denied collaboration with Musk’s DOGE team, saying, “I don’t think we are in touch as far as I understand.”

Meanwhile, Movement Labs has been busy launching a developer mainnet to bring Facebook’s Move Virtual Machine — also known as MoveVM — to Ethereum. The launch is a key step toward the public mainnet beta, expected in February.